Oil Prices Are Stuck at $105 as Geopolitical Risks Mount

OilPrice.com · Tom Kool · 2026-10-16 16:13 UTC

Brent holds near $105 as Iranian tanker attacks and multiple geopolitical conflicts keep oil markets on edge.

Brent holds near $105 as Iranian tanker attacks and multiple geopolitical conflicts keep oil markets on edge.

October 16, 2026

Oil prices have been relatively rangebound this week as the current modus operandi of frequent Hormuz transits and frequent Iranian drone attacks found an equilibrium point around $105 per barrel for ICE Brent. Production shut-ins triggered by Hurricane Isaias no longer provide bullish support as total offline capacity in the US Gulf of Mexico dipped to 200,000 b/d by Friday, with offshore production returned to its pre-Isaias state at some point next week. Hence, oil markets are back to watching and analyzing wars – be it US vs Iran, Russia vs Ukraine or Saudi Arabia vs Yemen’s Houthis.

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