Brent tops $108 as US energy chief says prices have peaked

· Oil & Gas · Iraq · United States

Brent crude futures briefly touched $109.99 a barrel overnight before pulling back from five-month highs during Asian and European trading, settling above $108. US Energy Secretary Chris Wright said gasoline prices have peaked. The retreat came as signs of recovering Middle Eastern supply offset renewed attacks on energy infrastructure and shipping lanes. In Iraq, Oil Minister Bassem Mohammed Khudair told state agency INA that October exports have averaged more than 3.4 million barrels per day, close to the 3.3-3.5 million bpd shipped before the war with Iran choked traffic through the Strait of Hormuz. The combination frames the central question for traders: whether returning barrels can outweigh continued risk to Gulf logistics.

Why it matters：Whether Gulf exports keep recovering decides if crude holds above $100 or unwinds, which feeds straight into fuel costs and inflation for importers worldwide.

Key points

  • Brent briefly hit $109.99 a barrel before easing
  • Iraq's October exports averaged more than 3.4 million bpd
  • Pre-war Iraqi shipments were 3.3-3.5 million bpd

Sources (original reporting)

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