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economicOct 12, 2026

Price of Brent oil up above $106 per barrel on ICE first since September 29

Summary

As of 12:42 p.m. Moscow time, the price of Brent stood at $106.02 a barrel

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Russia

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economicUnverifiedUSIran
○ 1 source

US Central Command Chief of Staff Brad Cooper asserted in a video statement that US and regional partners, rather than Iran, control the Strait of Hormuz, claiming the US blockade of Iranian ports has halted Iran's non-humanitarian maritime trade and prevented the export of at least $25 billion in crude oil.

Cooper further stated that US forces assisted Gulf allies in moving more than 100 million barrels of crude through the strait in the past week, while noting that these actions have degraded the IRGC's ability to project power, although these specific operational metrics and cost assessments remain unverified independent claims.

Location: Strait of Hormuz