Business news · Commodities · 17 Oct 2026
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Brent December futures closed the week to 16 October at $105.92 a barrel. Kpler data showed oil moving through the Strait of Hormuz at 11.62 million barrels a day, about 68% of the pre-war level, after fresh attacks on shipping. The IEA agreed to release its remaining 100 million barrels of emergency stocks. India's crude basket averaged about $120 in October and the government revised fuel export duties from 16 October.
Oil marketing companies are selling petrol and diesel at unchanged retail prices while Jefferies estimates losses of about Rs 26 a litre on petrol and Rs 30 on diesel. Airlines, paint makers and chemical firms buy crude-linked inputs, and freight now makes up over a quarter of landed crude cost. Upstream producers and refiners exporting fuel face the revised export levies. A costlier import bill also weighs on the rupee.
Reported by HDFC Sky — “Weekly Review: Brent Holds Above $105 as Hormuz Attacks Cut Gulf Flows 68%; WTI Jumps 5.81% on Record US Inventory Draw” ↗ on 17 Oct 2026.
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