Brent crude futures rose to $101.53 a barrel on Thursday. Prices gained $1.33, or 1.33 per cent, on persistent worries about Middle East supplies.

Attacks on shipping in the Gulf and the Strait of Hormuz increased this week. A tanker north of Qatar was struck by multiple projectiles, causing casualties. The attacks hit their highest weekly level since the Iran war began.

The International Energy Agency agreed to speed up oil stock releases. It will also prioritise diesel supplies. Governments are tackling record fuel prices and supply disruptions from the Iran war.

The US Energy Information Administration raised its forecast on October 6. It now expects Brent to average about $105 a barrel in the fourth quarter. That is $14 above its earlier estimate. For 2026, Brent should average about $98.

Higher oil prices fuel inflation and pressure import bills. India, a major crude importer, feels the impact on its trade balance and the rupee.