Oil eases in early Monday trade after Brent's highest close since May
Brent crude was down about 1% at $US108.81 a barrel at 11pm GMT, the ABC reported, after settling at $US109.86 on Friday.
Oil prices fell slightly as trading resumed on Monday 19 October after reaching a five-month high last week.
Brent crude was down about 1% at $US108.81 a barrel at 11pm GMT, and US West Texas Intermediate (WTI) crude was down 0.4% at $US101.00, the ABC reported. On Friday, Brent futures rose 3.7% to settle at $US109.86, after briefly touching $US110, and WTI rose 3.5% to $US101.41, according to the ABC.
Westpac economist Neha Sharma said in the bank’s morning report that oil surged to a five-month high on Friday “as escalating Middle East tensions and threats to key energy infrastructure heightened concerns over potential supply disruptions”.
Market Index reported that Brent rose above $US109 on Friday as Iran claimed tanker mine strikes in the Strait of Hormuz and US lawmakers moved to block President Donald Trump’s Russian diesel deal.
Energy stocks led gains on the ASX at Monday’s open, The Australian Financial Review reported.
Sources
- Markets live updates: ASX set to edge lower as oil keeps rising, Ampol refining margins double · ABC News
- Morning Report, 19 October 2026 · Westpac IQ
- Morning Wrap: ASX 200 to slip, S&P 500 and Nasdaq log worst week since June on AI debt fears · Market Index
- ASX opens higher; Challenger shares jump on TAL bid · The Australian Financial Review
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