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Market report: Oil prices jump to five-month high
New attacks in the Persian Gulf make oil as expensive as it was in May. This is fueling concerns of a new surge in inflation. The only hope currently remains for the warring parties to come closer together.
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Market report Iranian attacks Oil price jumps to five-month high As of: October 20, 2026 • 2:15 p.m
New attacks in the Persian Gulf make oil as expensive as it was in May. This is fueling concerns of a new surge in inflation. The only hope currently remains for the warring parties to come closer together.
There was a noticeable relief in the summer, but now oil prices are back again. In the morning, Brent North Sea oil climbed back above $111 per barrel (159 liters). This is the highest level in five months.
The reason is the situation in the Persian Gulf, which is even more unclear than usual. Most recently, US Energy Secretary Chris Wright spoke of a recovery in delivery volumes from the region to 80 percent of pre-war levels. Belgian data service provider Kpler now reports that weekly oil exports from the Strait of Hormuz fell to 8.5 million barrels per day last week, down from more than 20 million barrels the previous week.
This is primarily due to several new Iranian attacks on merchant ships in the past few days. Iran has "no choice" but to exercise control over the strait to ensure the country's security, a senior Iranian government official recently said, according to a report by the state news agency IRNA. In addition, the Iran-backed Houthi militia from Yemen is apparently continuing to attack Saudi Arabian oil facilities.
“The risks for oil prices are clearly pointing to the upside,” said raw materials expert Hamad Hussain from the British analysis house Capital Economics. The escalation of attacks on ships could lead to a further decline in oil supply.
Economy update from October 20th, 2026 Samir Ibrahim, HR, Economy update, Tagesschau24, October 20th, 2026 • 9:00 a.m. Fueling inflation and interest rate concerns This is fueling concerns that high energy prices will keep inflation high and that central banks will have to raise their interest rates higher than previously expected in order to counter stubborn inflation.
High interest rates, in turn, increase costs for companies, not least the technology companies that are currently borrowing enormous amounts of money to keep up with the AI race.
However, the markets still have a small hope - that the USA and Iran could perhaps come closer together before the US midterm elections at the beginning of November. In view of the disappointments so far, this hope currently has little weight. However, any credible news in this direction would cause oil prices to fall significantly.
After the midterms on November 3rd, market participants see a growing danger that Washington will try to solve the conflict with new military strikes. By the way, US WTI oil is still trading at a good $103 per barrel, well below the Brent price. This is also due to the recent order from US President Donald Trump, which lifted some sanctions and tariffs on Russian energy products.
New rumors about a solution to the Iran war caused prices to rise again in the afternoon. more
The new price surge on the oil market is the biggest negative factor on the German stock market today. By the early afternoon, the DAX had lost 0.8 percent to 25,121 points.
This topic in the program: tagesschau.de | Stock market: interim status at midday | 10/20/26 | 12:43 p.m