Oil flows through the Strait of Hormuz dropped to 2.9 million barrels per day on October 11, 2026, driving the seven-day average about 43 percent below levels before the US-Israel-Iran war that began on February 28

Overview Debates Related claims Topics Sources

President Donald Trump blamed Ukrainian drone attacks on Russian oil refineries for rising fuel prices ahead of the November 3, 2026 U.S. midterm elections

Indian Ministry of External Affairs spokesperson Randhir Jaiswal stated that talks between Marco Rubio and S Jaishankar cover defense, critical technologies, trade, energy, and West Asia

U.S. Secretary of State Marco Rubio scheduled a visit to Jamnagar, Gujarat on October 21, 2026 to tour the Reliance oil refinery and the Vantara animal facility

U.S. President Donald Trump suspended certain energy sanctions against Russia and five major buyers of Russian oil, including India

The U.S. Department of State expressed support for increased U.S. energy exports to India to help meet consumer demand and diversify Indian supply chains

U.S. Secretary of State Marco Rubio stated that the United States will discuss with Reliance Industries the refining of Venezuelan crude oil and oil production in Venezuela

President Donald Trump announced an agreement on October 9, 2026, allowing Russia to supply diesel to the global market, authorized via Treasury General License 135 through April 7, 2027.

President Donald Trump stated that allowing Russian diesel onto the global market aims to lower fuel prices for American consumers and signal potential economic benefits to Moscow.

Iran's Islamic Revolutionary Guard Corps stated that an oil tanker caught fire after striking a sea mine in the Strait of Hormuz on October 18, 2026.

Iranian Foreign Minister Abbas Araghchi stated that Iran's proposal to reopen the Strait of Hormuz within six to seven days in exchange for sanctions relief remains active.

The October 9, 2026 agreement between Russian President Vladimir Putin and U.S. President Donald Trump enabled Russian diesel sales to international and U.S. markets.

U.S. President Donald Trump criticized Ukrainian attacks on Russian diesel refineries, asserting that strikes on refineries harm global diesel markets.

U.S. President Donald Trump announced on October 16, 2026, a waiver on new sanctions against Russia and an agreement to purchase Russian diesel fuel.

Bank of Canada Governor Tiff Macklem stated on October 17, 2026, that the central bank expects to revise its inflation forecast higher due to persistent Middle East conflict and elevated oil prices.

Vessel transits through the Strait of Hormuz dropped to 254 in the week ending October 14, 2026, marking a 70 percent reduction from pre-conflict levels.

Brent crude oil prices reached nearly $108 per barrel on October 19, 2026 following a surge in Iranian maritime attacks in the Strait of Hormuz.

Prime Minister Mark Carney sought to ease provincial energy grievances by promoting the proposed Pacific Link pipeline, designed to transport 1 million barrels of Alberta oil per day to the Pacific Coast

Alberta holds the world's fourth-largest proven oil reserves and exports roughly 90% of its crude oil to the United States

Alberta accounts for roughly 20% of Canada's total agricultural exports, in addition to being the largest foreign supplier of oil to the United States

Iran's Islamic Revolutionary Guard Corps stated that two oil tankers, each carrying about two million barrels of crude oil, caught fire after striking naval mines while attempting to transit the Strait of Hormuz on October 17, 2026