WTI crude finished the week at its highest level since September 21, last trading up $3.33 at $101.30 a barrel and back above the $100 mark. Brent crude touched $110 a barrel at one point, the first time it has reached that level since May.
No clear catalyst
There was no obvious news catalyst behind the day’s move in oil. The rise reverberated into other markets, with the Nasdaq down 2.2 percent at the time of writing.
WTI’s next test is the September high of $106.75 a barrel, seen as a resistance level. The contract remains below its war-era peaks, which included an early-March high of $119.48 a barrel and a high close of $112.95 a barrel.
Political backdrop
The gains came against a backdrop of an ongoing war involving Iran and persistent inflation concerns.
The administration also disclosed that the US fiscal year 2026 deficit was the highest in five years.
By our own measurement, WTI crude stood at $101.91 a barrel at the close of 14 October 2026, while Brent spot in Europe closed at $126.55 a barrel on the same date.
Related: Brent crude hits $110 a barrel as Congress targets Russia deal · Brent oil rises above $104 per barrel amid Gulf tensions
Data: FRED — St. Louis Fed
