Business & Finance

Gulf oil exports top pre-war average while Brent rises over 60 percent

Analysts attribute the rise to fears of renewed hostilities, dwindling stocks and higher shipping costs as Brent briefly topped $117 a barrel.

Updated Oct 30, 2026 · 10:17 UTC2 reports

The short version

Brent crude is more than 60 percent above pre-war levels, even though Gulf crude exports exceed their pre-war average.[Al Jazeera]
Analysts attribute the rise to fears of renewed hostilities, dwindling oil stocks and higher transport costs.[Al Jazeera]
Freight costs have reached as much as $40 per barrel, and UKMTO logged 32 vessel attacks in October as of Friday.[Al Jazeera]
Whether renewed hostilities occur remains unknown, while IEA data show global stocks 509 million barrels below pre-war levels.[Al Jazeera]

Brent crude is more than 60 percent above pre-war levels despite a rebound in supply.[Al Jazeera]
Gulf crude exports averaged 24.6 million barrels per day in the week to October 18, above the pre-war average, according to Kpler.[Al Jazeera]
Brent front-month December futures rose more than 2 percent on Friday to briefly top $117 a barrel.[Al Jazeera]
Freight costs reached as much as $40 per barrel in recent weeks, roughly ten times the usual rate, according to LSEG data.[Al Jazeera]
UKMTO logged 32 incidents involving commercial vessels in October as of Friday, the deadliest month for such attacks since the war began.[Al Jazeera]
Observed global inventories fell by 10 million barrels in September, leaving stocks 509 million barrels below pre-war levels, according to the IEA.[Al Jazeera]
The Center for American Progress estimates the war has cost each US household at least $1,200.[Wired]

Whether renewed hostilities occur, which analysts cite as a driver of prices, remains unknown.[Al Jazeera]
The causes of the price rise are analysts' attributions rather than established findings.[Al Jazeera]

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.