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Oil Traders Brace for a Wild Week as Brent Approaches $120
oilprice.com · October 31, 2026 · Week 2026-44
Summary
Fears of renewed U.S.-Iran hostilities, marked by attacks in the Strait of Hormuz, are driving Brent crude prices towards $120 per barrel. In response to the heightened risk, regional NOCs are actively de-risking their export routes, with Saudi Aramco offering discounted cargoes to Europe via the Red Sea and ADNOC advancing its pipeline to Fujairah to bypass the strait.
Strategic Implication
Heightened geopolitical risk in the Strait of Hormuz is forcing Gulf NOCs to accelerate plans for alternative export routes and adjust commercial strategies to ensure security of supply.