USO•Brent crude rose from $102 to $117.54 per barrel in October as Middle East tensions persisted, while U.S. natural gas futures fell to $2.50 per million British thermal units.
Brent crude rose from $102 per barrel to $117.54 in October as Middle East tensions persisted. Shipping accounted for around 30% of landed oil costs, and Persian Gulf-to-Asia VLCC freight rates exceeded $1.3 million daily in mid-October, compared with a $55,000 daily average in 2025. Crude in transit reached a record nearly 1.3 billion barrels as geopolitical disruption lengthened shipping routes; U.S. natural gas futures fell to a two-year low of $2.50 per million British thermal units amid mild temperatures and robust supply.
