Brent Crude Oil Prices

Brent crude oil prices averaged USD 75.27 per barrel in October, up 3.0% from September. On 31 October, the commodity traded at USD 73.19 per barrel, up 1.7% from 30 September.

Oil prices spiked in early October after Iran fired missiles at Israel, raising the risk of a wider war in the world’s top crude-producing region. That said, prices then retreated, as the risk of a direct war eased, returning to some of the lowest levels since the onset of the global energy crisis in late 2021. Investors remain bearish, with their net long position on the ICE exchange at one of the lowest levels on record on the prospect of rising OPEC+ output and anemic economic growth in China.