At a glance
Hormuz has been restricted since the US-Iran war began in late February 2026; 11 ships were struck in the first nine days of October.
Energy price board Day, week and 52 weeks
| Market | Last | Unit | Day | Week | 52 weeks | As at |
|---|---|---|---|---|---|---|
| Crude oil | ||||||
| Brent | 104.72 | US$/bbl | +0.42% | ≈ +2.4% | ≈ +66% | 9 Oct settle |
| WTI | 91.85 | US$/bbl | +0.39% | ≈ +0.8% | ≈ +56% | 9 Oct settle |
| Gas | ||||||
| Henry Hub (front month) | 3.22 | US$/MMBtu | +1.6% | ≈ +6% | n/a | 9 Oct settle, November contract (Reuters) |
| TTF (Europe) | 78.07 | EUR/MWh | +0.40% | ≈ +4.4% | n/a | 9 Oct close (Investing.com); Trading Economics showed 80.25 |
| Nuclear fuel | ||||||
| Uranium (spot) | 89.63 | US$/lb U3O8 | n/a | n/a | n/a | 30 Sep, Cameco |
| Uranium (long-term) | 96.50 | US$/lb U3O8 | n/a | n/a | n/a | 30 Sep, Cameco |
Chokepoints and shippingHormuz restricted
Strait of Hormuz
The IRGC said on 9 October that it struck an LPG tanker using a US-backed southern route and threatened ships of companies it says cooperate with the US, and UKMTO reported an LPG carrier hit 13 nautical miles west of Al-Jazira in the UAE. USNI counts 11 ships struck in October to 9 October. President Trump repeated that there would be no attack before the midterms but on 10 October raised the idea of resuming strikes.
Saudi Arabia and the Houthis
A strike on Riyadh King Khalid airport on Saturday 10 October killed 12 people and injured 309, the deadliest attack in the kingdom since 2015, and 324 flights were cancelled. The coalition says it has hit 136 Houthi targets, and President Trump said the US may join the strikes. No new attacks on Saudi oil sites were reported.
Diplomacy
President Putin passed Iranian peace terms to President Trump on 9 October, and Iran is reviewing a US reply to its plan to reopen Hormuz. Riyadh Energy Week opened on 11 October, with ministers meeting through 15 October.
EuronewsUSNI NewsCBS News liveAl Jazeera liveAsharq Al-Awsat: Riyadh Energy Week
Pipelines: Kazakhstan and CPCDisrupted at times
Caspian Pipeline Consortium
No new incident or statement was reported from 9 to 11 October after the Tengiz-Novorossiysk line returned to service following planned maintenance on 6 October. CPC expects 2026 throughput close to the 70.5 Mt shipped in 2025, citing delays to the Tengizchevroil overhaul and a grid accident.
Kashagan and Lukoil
Bloomberg reported on 9 October that ExxonMobil blocked a proposal for the Kashagan partners to settle the roughly US$5 billion sulphur fine. Carlyle has dropped its bid for Lukoil foreign assets, which never included the Kazakh stakes, and Kazakhstan says it has a priority right to buy them. Kazakhstan's OPEC+ requirement for November is 1.628 million barrels a day.
Interfax-Kazakhstan: CPCInterfax (Russian): CPC outlookInterfax-Kazakhstan: KashaganKursiv: Lukoil (Russian)Astana Times: OPEC+
Producers and outlookOPEC+ meets Sunday
Isaias makes landfall
Hurricane Isaias came ashore near Destin, Florida, on the evening of 9 October as a Category 2 storm and was later downgraded. BSEE said Gulf oil shut-ins peaked at about 1.46 million barrels a day, 71.5% of output, on 9 October and were still 68.8% on 10 October with 113 platforms evacuated; output returns after inspections.
Russian diesel licence
The US will allow imports of Russian-origin diesel until April 2027, with President Trump saying Russia would supply more than 300,000 t now and 500,000 t in November. Diesel stocks are at a record seasonal low.
OPEC+ and rigs
OPEC+ made no new decision and meets on 1 November, after holding November output at September levels on 4 October. The Baker Hughes US rig count rose by 5 to 603, the most since 2024, with oil rigs up 6 to 462. The next EIA Short-Term Energy Outlook is due on 10 November.
BSEE: Isaias, 9 OctBSEE: Isaias, 10 OctCBS News: IsaiasOFAC: General License 135EIA: diesel stocksOPEC: 4 October meetingNewsquawk: rig count
Natural gas
US gas
Henry Hub November settled 1.6% higher at US$3.22/MMBtu on Friday, the highest close since 24 September and about 6% up on the week, as Lower 48 output headed for a four-month low near 108.4 bcf a day and about 1.3 bcf a day of Gulf gas stayed shut in. LNG feedgas is averaging 17.1 bcf a day in October; the next EIA storage report is on 15 October.
Europe
TTF closed at EUR 78.07/MWh on Investing.com, about 4% higher on the week, while Trading Economics showed EUR 80.25. EU storage was about 73% full on 7 October, roughly 15 points below the five-year average and the lowest for the date since 2011.
Business Recorder (Reuters): US gasEIA: storage report scheduleInvesting.com: TTFTrading Economics: TTFGlobal Energy Flow: EU storage
SanctionsActive
Russia: US
OFAC issued General License 135 on 9 October, allowing sales and imports of Russian-origin diesel until 7 April 2027, after a call between President Trump and President Putin. Mr Trump said Russia would supply more than 300,000 t now and 500,000 t in November; analysts doubt Russia can deliver it all after Ukrainian strikes on its refineries, and the EU said the move gives Moscow more money for the war.
Russia: EU and UK
EU foreign ministers are due to formally adopt the 22nd sanctions package, with about 1,600 listings, on Monday 12 October. The UK added no new Russian oil measures after its 38 designations on 8 October.
Iran
There were no new OFAC Iran designations on 9 or 10 October, and the 8 October action against 17 shadow fleet vessels and 18 companies stands. US forces disabled the tanker Ocean Molica in the Gulf of Oman on 10 October; CENTCOM says it has turned back 135 vessels since the blockade began in July.
OFAC: General License 135Axios: diesel agreementArab News: EU responseOFAC recent actionsCBS News live
Energy minerals
Uranium and copper detail is on the Markets page.