International Brent crude oil benchmark prices rose above $111 per barrel on October 22, 2026, as the national average gasoline price in the United States reached $4.27 per gallon

Overview Debates Related claims Topics Sources

Attacks on oil tankers in the Strait of Hormuz drove Brent crude oil prices above $117 per barrel, marking an 80 percent increase in 2026

The Islamic Revolutionary Guard Corps reported that seven oil tankers were attacked or hit mines in the Strait of Hormuz overnight into October 22, 2026, followed by two supertankers on October 23

Basic grocery prices in Iran increased steeply during the eight-month war that began on February 28, 2026, with staple food prices rising over 60 percent for rice and over 150 percent for beef

U.S. Treasury Secretary Scott Bessent stated that reducing energy prices depends on resolving the military conflict with Iran, noting that the United States is experiencing an energy shock

Saudi Aramco Chief Executive Officer Amin Nasser stated that capacity on the East-West pipeline bypassing the Strait of Hormuz surged threefold from 2 million to 7 million barrels daily amid the energy crisis caused by the Iran war

Saudi Aramco Chief Executive Officer Amin Nasser stated that the company has been using drones to assess pipeline damage and assist with firefighting

Houthi military spokesperson Yahya Saree claimed on October 24, 2026 that the group launched attacks against a Saudi Aramco facility in Yanbu, the Rabigh oil refinery, and the East-West pipeline

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

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

UK Defence Secretary Wes Streeting stated that regional instability and Middle East conflict are directly adding to fuel and living costs for British households

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.

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 surveys released on October 19, 2026, showed rising inflation expectations driven by trade tensions, input costs, tariffs, and Middle East conflict pressures on energy.

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.