Average crude oil prices rose by 2.03% to US$126.73 per barrel for the 16 October 2026 pricing window. The increase reflected renewed supply concerns as Ukraine questioned a proposed US-backed energy ceasefire and Saudi Arabia faced fresh attacks amid the Iran war. Intensifying attacks on tankers in the Strait of Hormuz prompted several empty supertankers to halt or turn away from the Persian Gulf, heightening fears of further disruptions to crude oil shipments.