Brent crude futures jumped $3.55, or 3.14%, to settle at $116.72 a barrel on 23 October, the highest close since 29 April, VietnamPlus reported. US West Texas Intermediate (WTI) rose $3.80, or 3.8%, to $103.27. Over the week Brent gained 6% and WTI 2.3%, as traders reacted to repeated Houthi attacks on Saudi energy infrastructure and an oil spill off the United Arab Emirates. On the same day the US Department of Energy authorised an emergency exchange of up to 400,000 barrels of crude from the Strategic Petroleum Reserve (SPR).
Prices through the week
Compiled by KBVN+ from VietnamPlus figures, including prices cited in earlier KBVN+ reports:
| Time | Brent ($/barrel) | WTI ($/barrel) |
|---|---|---|
| 13:26 on 22 October (Vietnam time) | 111.64 | – |
| Afternoon of 23 October (Vietnam time) | 114.47 | 100.84 |
| Close, 23 October | 116.72 (up 3.14%) | 103.27 (up 3.8%) |
| Week | up 6% | up 2.3% |
What pushed prices up
The Houthis said they were targeting key Saudi sites, including airports, Aramco facilities at Yanbu and the Shaybah oilfield, and fighting between Saudi Arabia and the Yemeni group became fierce enough for Saudi Aramco to ask staff to leave its Dhahran headquarters, according to VietnamPlus. At sea, the UAE's Ministry of Climate Change and Environment reported a spill off Umm Al Quwain, and maritime sources said the supertanker Gem No.2 had been hit by an unidentified flying object about 13 nautical miles (24 km) off the UAE's Al Jazeera area. Data firm Kpler counted at least 18 attacks on merchant ships in two weeks, sharply cutting crude flows through the Strait of Hormuz.
Prices dipped midweek when the Kremlin confirmed that President Vladimir Putin had agreed to resume US-brokered peace talks with Ukraine in November, but the losses were quickly erased as missile and drone strikes on Kyiv and Moscow continued. In Libya, the National Oil Corporation said a valve on the pipeline from the Hamada and Tahara fields to the port of Zawiya had been shut, forcing output cuts.
US inventories tightened too. The Energy Information Administration said crude stocks fell 3.06 million barrels to 412.5 million in the week to 16 October, far more than the 820,000-barrel draw analysts expected, while distillate stocks, including diesel and heating oil, rose 1.68 million barrels to 104.3 million. Baker Hughes said the US oil and gas rig count held at 603 for a second straight week.
Governments open their reserves
The SPR exchange is meant to cover a supply disruption at Phillips 66's Lake Charles refinery in Louisiana, which can process 264,000 barrels a day. The Energy Department said the help would offset a temporary shortfall, keep the plant running and secure transport fuel for Louisiana and nearby markets. It comes with SPR stocks at their lowest since 1982, after President Donald Trump repeatedly drew on the reserve as the Middle East war disrupted energy shipping routes; former President Joe Biden also made large releases after the Russia-Ukraine conflict broke out.
In Europe, Germany's oil stockholding agency EBV opened tenders to sell crude and fuel from its strategic stocks. Ship-tracking data also showed the first Russian diesel cargo heading for New York after Trump signed an order waiving some sanctions to cool energy prices ahead of the 3 November midterm elections.
What it means for Vietnam
Vietnam's latest fuel price adjustment took effect at 15:00 on 22 October 2026. Under the Ministry of Industry and Trade's notice, as KBVN+ reported, E10RON95-III petrol is capped at 25,213 dong a litre, down 1,816 dong, E5RON92 at 25,361 dong a litre, and diesel 0.05S rose 444 dong to a ceiling of 29,550 dong a litre (Vietnam cuts E10 petrol ceiling by 1,816 dong a litre, raises diesel 444 dong from 22 October). Brent stood at $111.64 a barrel at 13:26 Vietnam time on 22 October, a few hours before that adjustment, and closed at $116.72 on 23 October.
Diesel, the main fuel for freight transport, was the product that went up in the 22 October round. At the pump, PVOIL has extended its 350 dong-a-litre discount at its own stations until 15:00 on 29 October 2026, as KBVN+ reported in Brent crude tops $115 on Houthi attacks as PVOIL extends Vietnam fuel discount.
What comes next
PVOIL's discount ends at 15:00 on 29 October 2026, and the current price ceilings apply until the ministry's next announcement. On the rules themselves, the Prime Minister has told the ministry to submit a draft decree replacing Decree 83 on fuel trading by 10 November (Vietnam PM sets November 10 deadline for draft decree replacing Decree 83 on petroleum trading). Internationally, markets are watching the Russia-Ukraine talks expected in November and the US midterm elections on 3 November, as Washington tries to cool energy prices.