Russia and Ukraine still fighting, ships sunk in Strait of Hormuz
October 15, 2026
The API inventory reported crude oil inventories down 11.1 million barrels, gasoline inventories up 1.1 million, and distillates down 1.5 million.
Ukrainian President Volodymyr Zelensky said Ukraine has resumed its attacks on Russia’s oil refineries. He said Russia had continued to strike Ukriane’s energy grid even after agreeing to end the attacks in the deal brokered by President Trump.
Two more ships were struck in the Strait of Hormuz, one ship was said to be a dry bulk carrier, the other a container ship.
As the headlines continue to talk about escalation in tensions and attacks for both the Iran US war and the Russia Ukraine war, energy prices firm up. Prices have been on a general uptrend since the start of the month.
As global tanker vessel availability number shrink, and freight rates and insurance cost go much higher the Trump administration is considering easing sanctions on shadow-fleet ships, which account for roughly 17% of the global fleet.
This news of bringing more tanker capacity into the market is pressuring Brent crude and helping to narrow the WTI/Brent spread.
The International Energy Agency said in its monthly oil market report that constrained diesel supplies could persist well into next year as large counter-seasonal stock drawdowns have combined with restricted production ahead of peak winter demand.