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Brent Oil Sits Near $115 as G20 Ministers Split on Iran War
Why are oil prices so high today?
Brent crude (BZ=F) fell 0.4% to $114.88 on Thursday but is up about 11% in October on Iran war supply fears, the issue dividing G20 foreign ministers meeting in Atlanta Friday.
Key numbers
| Brent settle (Oct 29) | $114.88-0.38% |
|---|---|
| WTI settle (Oct 29) | $102.00-0.76% |
| Brent in October | About +11%Fourth straight monthly gain (per [6]) |
| Brent Dec contract, Friday early | $116.08+1.04%; Jan contract $112.19 (per [6]) |
What happened
Brent crude (BZ=F) fell 0.4% to $114.88 on Thursday but is up about 11% in October on Iran war supply fears, the issue dividing G20 foreign ministers meeting in Atlanta Friday. Rubio is hosting the two-day meeting, with Russia's Sergei Lavrov attending while China's top diplomat Wang Yi sent his deputy. Members disagree over the Iran war, which began with US-Israeli strikes in late February and led Iran to block the Strait of Hormuz, a key oil route. They also split over Ukraine, which was not invited, and U.S. tariffs. The expected result is a chair's summary, not a joint declaration.
Why it matters
Brent crude, the global oil benchmark, is near $115 a barrel because the Iran war has disrupted shipping, and the G20 talks test whether major economies can agree on keeping sea routes open. The price is up about 11% in October (per), which pushes up fuel and transport costs. Energy prices are also a key issue in the U.S. midterm elections on November 3.
Who this affects
- MarketmixedMedium impact
- Oil traders face Iran-war supply risk; higher prices hurt consumers.
- CompanybearishMedium impact
- US hosts talks while fuel prices pressure midterm voters.
- CompetitorsmixedLow impact
- Russia attends; some Western members object to its presence.
- IndustrybearishMedium impact
- Oil importers and shippers face higher costs from Hormuz risks.
Brent Crude vs WTI Crude
| Brent crudeBZ=F | $114.88 | -0.38% | About +11% |
|---|---|---|---|
| WTI crudeCL=F | $102.00 | -0.76% | — |
As of 2026-10-29
How we got here
US-Israeli strikes on Iran begin; Iran blocks the Strait of Hormuz, lifting energy prices.
Brent settles at $114.88 as a Vance letter revives hopes of US-Iran talks.
Rubio opens G20 foreign ministers' meeting in Atlanta; Lavrov attends, China sends deputy.
What to watch
- Second day in Atlanta, and whether a chair's summary emerges instead of a joint statement.2026-10-31
- US midterm elections; officials warned of possible renewed strikes on Iran afterward.2026-11-03
- G20 leaders' summit at Trump's Doral resort in Miami; unclear if Putin attends.December 2026
Educational content only. Not investment advice.
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