Key Highlights

  • Brent crude settled near USD 115.81 and WTI at USD 101.57 on October 26, 2026, up about 12% this month, with Brent touching a six-month high near USD 117 last week.
  • One live account placed Brent at USD 110 to 112, so the settlement and intraday quotes differ, and the range should be read as a measure of how volatile the market was.
  • US-Iran talks pull prices lower on hopes of a deal while Houthi attacks on Saudi Arabia pull them higher, and the Houthis claim an attack on Riyadh while Saudi Arabia says it intercepted it.
  • United States Oil Fund (NYSEARCA:USO) holds near-month WTI futures and not Brent, so the USD 101.57 WTI price is the closer benchmark, and the fund can differ from spot prices because of futures roll costs.

Where Oil Prices Stand

Brent crude settled near USD 115.81 a barrel on Monday, October 26, 2026, and WTI settled at USD 101.57, in published market data. Oil is up about 12% this month, and Brent reached a six-month high near USD 117 last week. One live account placed Brent at USD 110 to 112, which differs from the settlement price, so this article treats USD 115.81 as the settlement and the lower range as an intraday reading. The gap between Brent and WTI, at about USD 14, shows how tight the global market is outside the United States, where buyers compete for seaborne crude. Price moves of this size also feed through to fuel costs for airlines, shippers and consumers.

Two Forces Pulling Prices

Diplomacy and violence are pulling in opposite directions. Talks between the United States and Iran could ease supply fears, while Houthi attacks on Saudi Arabia raise them. The Houthis say they attacked Riyadh, and Saudi Arabia says its air defenses intercepted the attack, so the claims are unconfirmed in detail and the market has to price both possibilities. United States Oil Fund (NYSEARCA:USO) holds near-month WTI futures and sells each contract before it expires to buy the next one. When later contracts cost more than near ones, the roll can reduce returns, and the fund's results may differ from the headline oil price over weeks or months. Investors should not assume that a rise in Brent will translate one for one into a gain for the fund.

Risks and What to Watch

A deal could reduce prices quickly, and escalation could lift them. Oil at these levels also feeds inflation, which supports the case for a hawkish Federal Reserve on October 28, 2026. Investors can watch headlines from Iran talks, the US midterm elections on November 3 and the fourth-quarter reports from Exxon Mobil and Chevron on October 30. A price near USD 100 for WTI is not a forecast of a further rise. Demand destruction is another risk, because high fuel prices can reduce consumption and slow economic growth, which would weigh on crude in turn. A further risk is a sudden drop if talks produce a deal, since a large share of the recent gain reflects supply fear. Nothing in this article is investment advice.

Where Things Stand

The answer is that Brent sits near USD 115.81 because supply risk from the Middle East has outweighed hopes for a US-Iran deal, with oil up about 12% in October. United States Oil Fund (NYSEARCA:USO) follows WTI futures, which settled at USD 101.57, so its path depends on both crude prices and futures roll costs. Iran headlines, the Fed decision on October 28, 2026 and November 3 midterms are the next catalysts, and each can reverse the move quickly.