Brent Oil Tops $110 as West Asia War Raises Supply Fears

Brent crude has crossed $110 a barrel as the West Asia war intensifies pressure on global energy supplies, India Global Review reported on October 22. The report put prices before the conflict at roughly $70–$80 a barrel.

Transport costs have also climbed sharply. Goldman Sachs figures cited in the report put the cost of shipping a barrel of oil at more than $20, up from about $3. Asian markets fell sharply amid investor concerns about further attacks, shipping safety and the possibility of prolonged shortages.

Europe is discussing a proposal that could ask households and businesses to cut energy consumption if supplies tighten further. The measure remains a proposal, rather than an announced requirement.