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By: Bruno Santos, Market Intelligence Analyst
Yesterday (18), the most active Brent contract closed up by 3.8%, reaching USD 107.6 bbl. WTI futures followed a different trajectory, finishing the day at USD 96.2 bbl (+0.1%).
The spread between Brent and WTI reached its highest level in 11 years, reflecting the differences in market dynamics between North America and Europe. While DOE data indicated an increase in U.S. crude oil inventories last week, the situation in the Middle East continues to severely impact the commodity's supply to Europe and Asia, driving sharp price increases.
This morning (19), the May 2026 Brent contract is trading up by 5.9%, quoted at USD 113.8 bbl as of 07:50. The benchmark surpassed USD 119 bbl earlier today, supported by intensified attacks on energy assets in the Middle East.
Following Iraq's attack on South Pars—an important natural gas field in Iran—the Iranian army launched a series of offensives targeting energy assets in the Persian Gulf region. This resulted in operations being disrupted at a liquefied natural gas (LNG) plant in Ras Laffan, Qatar. Natural gas facilities in Saudi Arabia and a refinery in Kuwait were also targeted by Tehran, although these incidents had a lesser impact on operations at those production centers.
Why this matters: The escalation of attacks on oil and gas assets in the Persian Gulf further heightens perceptions of systemic risk in the oil market. Concerns are now extending to the possibility of even more significant global supply disruptions, with no clear end in sight for the Middle Eastern conflict.
Outlook: Following Israeli attacks on South Pars, U.S. President Donald Trump denied American involvement in the military actions led by Jerusalem, aiming to reduce tensions in the Middle East.
What to expect: With no new signs of a short-term resolution to the conflict, oil prices are likely to continue rising, as the market factors in prolonged unavailability of crude from the Persian Gulf.
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