CURRENT INTELLIGENCE · V2
Maritime Energy & Supply Chains Desk · Signal
WTI Settles at $93.74, Brent at $106.65 as Hormuz Transits Remain at 10 Percent of Normal Through Day 228
Record added
WTI crude settled at $93.74 per barrel on October 12, up 2.0 percent, and Brent crude at $106.65, up 1.8 percent, according to CNBC. Bloomberg reported on October 12 that WTI traded near $93 after rising 2.1 percent in the previous session. The gains followed weekend attacks on Saudi Arabia, including a Houthi strike on Riyadh's international airport on Saturday that killed 12 people and wounded more than 300, with further attacks reported Sunday, while two tankers were struck near Oman and in the Strait of Hormuz.
The Strait of Hormuz remains effectively closed to commercial shipping through day 228, with six commercial ships crossing on October 12 and a seven-day average of 8.6 transits per day, about 10 percent of the pre-crisis level of 84.8 per day, according to Hormuz.now tracking data published October 13. The market is absorbing roughly 12 percent of global container ship capacity in port congestion, the highest level in four years, according to C.H. Robinson's October Edge Report.
The EIA estimated on October 6 that global oil inventories fell by an average of 1.9 million barrels per day in the third quarter of 2026 and will fall an additional 0.7 million barrels per day on average in the fourth quarter. Sea-Intelligence estimates cited by the Philippine Star on October 13 indicate Asian port congestion could take seven to 10 months to return to June 2025 levels.
Sources
CNBC, 'Brent tops $106 after deadly Saudi airport attack, Ukraine says Russia violated energy ceasefire', October 12, 2026, cnbc.com Bloomberg, 'Latest Oil Market News and Analysis for Oct. 13', October 12, 2026, bloomberg.com Hormuz.now, 'Strait of Hormuz News Today: Latest Status Update (13 Oct 2026)', October 13, 2026, hormuz.now C.H. Robinson October Edge Report, cited by DredgeWire, October 5, 2026 (previously cited in existing entry) Philippine Star, 'Asian port congestion seen lasting until 2027', October 13, 2026, philstar.com U.S. Energy Information Administration, 'Short-Term Energy Outlook - Global oil markets', October 6, 2026, eia.gov
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