Oil climbs to $111 as Middle East tensions escalate

October 20, 2026 (MLN): Oil prices advanced on Tuesday as escalating security concerns in the Middle East and the approaching expiry of U.S. front-month futures contracts kept investors focused on market risks.

Currently, Brent crude futures is up, 1.42%, at $111.11 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $1.89, or 1.92%, to $100.43 per barrel by [04:12 pm] PST.

Tensions have intensified around the Strait of Hormuz, where at least 18 commercial vessels have reportedly come under attack over the past two weeks, according to ship-tracking firm Kpler, as reported by CNBC.

Iran’s Islamic Revolutionary Guard Corps said on Tuesday that two oil tankers had caught fire in the strait after striking mines laid by its naval unit. The vessels were described as “non-compliant” by the force, according to Iranian state-affiliated news agency Tasnim.

Tehran also issued a fresh warning to Washington. Foreign Ministry Spokesperson Esmaeil Baqaei said at a weekly press conference on Tuesday that Iran would retaliate against any American strike with an equal or stronger response, Tasnim reported.

Earlier this month, U.S. President Donald Trump said American forces would not attack Iran before the November 3 midterm elections.

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