Benchmark
US light sweet crude oil grade whose futures contract is the main North American oil price benchmark.
Brent crude rose above $109 a barrel on Friday and WTI reached $100, its first time there since September, NBC News reported. Diesel has risen faster than gasoline in recent months, and operators carry that exposure into this quarter.
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Brent crude traded at $106.67 a barrel on October 15, about $44 above its price a year earlier, Fortune reported. That is roughly 70% higher. The page measures price only; margins and spending are left out.
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Brent crude traded at $108.70 a barrel at 7:15 a.m. Eastern on October 14, roughly $46 above the same morning last year, according to Fortune. Against an implied $62.70 a year ago that is a rise of about 73%, a gap any fuel budget set on last year's costs has to fund.
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Brent crude rose 3.7% to $103.91 a barrel on Thursday as data showed Iran stepping up tanker attacks in Hormuz and reports of new US strikes spread. With the 10-year Treasury at 5.32%, the oil move hit equities as inflation risk and European indexes opened 0.64% to 1.06% lower.
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Brent crude settled at $104.28 a barrel on Oct. 8, up 4%, after Axios reported the Pentagon had ordered preparations for renewed strikes on Iran. Trump said the same day he would not attack before the Nov. 3 midterms, a promise that stops at the vote while energy and freight budgets run well past it.
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Kalshi has asked the CFTC to approve a WTI futures contract that expires only once every 10 years. The agency's 45-day review will test whether closing on weekends clears the benchmark-pricing concern that sank CME's round-the-clock oil plan.
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Brent crude sat at $104.74 a barrel on October 7, roughly $38.60 above a year earlier, according to Fortune's daily price page. A fuel or input budget built on last year's price now pays for just under two-thirds of the barrels it assumed.
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Brent fell to $99.49 as Gulf crude flows outside Iran climbed past 81% of pre-war levels and the G7 agreed to release 100 million barrels. Rising tanker attacks near Hormuz keep the cost of shipping and insuring those barrels high.
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Brent traded at $102.56 a barrel on Sept. 30, up $2.37 in a day and $35.87 above a year earlier, a rise of about 54%. Any plan that counts on oil staying above $100 depends on a $2.56 margin, and a drop the size of the latest gain would nearly wipe it out.
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Brent fell $2.56 to $100.19 a barrel on Sept. 29, still $32.86 above a year earlier, according to Fortune. Anyone buying fuel is still paying about 49% more per barrel than last autumn, and the day's drop narrows that gap only slightly.
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Brent crude sold for $104.46 a barrel on Sept. 28, up $37.13 over the past year, according to Fortune. Fuel budgets built on last year's barrel need resetting, even though the data confirms only two sessions above $100.
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US crude fell 7.9% this week to $92.41 amid US-Iran talks on Hormuz while Brent ended roughly flat at $104.32. Tehran's reopening offer rests on a June deal that already collapsed over transit rights, and Brent has fallen on it for just one session.
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Brent topped $105 and the 10-year touched 4.902 per cent in the same session. The cash operation blamed for the yield move would cover about 1.5 basis points of annual interest on the debt it was meant to steady.
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Fortune's morning check puts Brent at $99.27, about $32.60 above last September and $2.34 below yesterday. Crude is more than half the cost of a gallon, so that annual move implies over 24% on retail fuel.
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Fortune priced Brent at $101.61 a barrel on Sept. 21, about $34.68 above a year earlier, for an implied base of $66.93. Crude is typically more than half the price of a gallon, and that is where the rise gets paid.
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WTI at about $102 has widened the gap between Singapore product prices and the capped price Korean refiners may charge at home. The industry puts its losses at 5 trillion won. No first settlement has been completed.
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The trade ministry summoned Korea's four refiners on the 14th to weigh paying more of the freight gap on crude from the Americas, Africa and Southeast Asia. September and October cargoes are already more than 90% secured.
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CME FedWatch odds of an increase at the Sept. 15-16 Fed meeting rose from 58% to 87% in a week as crude and Treasury yields climbed together. A week ago a hike was already the majority call.
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Brent stayed above $100 even after a 2.81% drop, U.S. diesel reached $6.06 a gallon, and Saudi output fell to a three-decade low. Reported hike odds of 86.5% leave 13.5% for the outcome that would move more.
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The three-year treasury yield closed at 4.014% and WTI at $102.48, the KOSPI gave up the 7,000 level, and the money leaving Korea's safest funds landed in brokerage accounts with margin debt already at 32.36 trillion won.
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