Brent rebounds to $110 as traders weigh supply risks

Brent crude rose to around $110 a barrel on Tuesday, October 20, after falling the previous day, as traders weighed potential Russian fuel supplies against risks to energy shipments in the Middle East. The market rebound came amid concern about security around the Strait of Hormuz and uncertainty over the scale of continuing supply disruption. Brent futures were at $110.10 a barrel at 0319 GMT, up 0.5%, after reaching $110.70 in the previous session, the highest since May 20. U.S. West Texas Intermediate crude for November delivery gained 0.24% to $103.91, while the more-active December contract rose 0.4% to $98.93. On Monday, October 19, Brent had fallen 2.08% to $107.57 a barrel and WTI dropped 1.92% to $99.46 by 0619 GMT. The declines followed a recent rally and reflected traders’ assessment that U.S. measures easing some Russia-related sanctions and tariffs could allow more fuel exports. The price moves show a market balancing the prospect of extra supply against threats to shipments from the Gulf. The U.S. administration’s waiver could permit additional Russian fuel exports, but its effects and duration remain uncertain. Secretary of State Marco Rubio said officials would...