Brent crude falls to $104 as US weighs easing sanctions on shadow fleet tankers

Brent crude fell by more than 1.5 percent on Thursday, 15 October 2026, despite the Islamic Republic's intensified attacks on ships in the Strait of Hormuz. By about 10 a.m. Tehran time, a barrel of Brent had dropped $1.68 to $104.38, and West Texas Intermediate had lost $1.04 to $94.08.

Two factors drove the fall: more oil supply arriving through alternative routes, and news that Donald Trump's administration is considering easing sanctions on some "shadow fleet" tankers. According to a US official, Washington is examining whether tankers that previously carried Iranian, Russian or Venezuelan oil could be allowed to carry oil and non-sanctioned products in order to bring shipping costs down. American companies would need a Treasury Department licence to use these vessels. The plan is still under review and no decision on it has been announced.

Attacks on ships and the Islamic Republic's aim

West Texas Intermediate had hit a three-week high on Wednesday after the Houthis attacked an Aramco facility, but it lost that gain on Thursday. Two senior Islamic Republic officials had said earlier that Tehran is trying to keep oil prices high and influence the US midterm elections through new tactics of attacking ships in the Strait of Hormuz; the fall in prices shows that this strategy has, at least for now, failed to achieve its goal.

Since the start of the war, three ships have been sunk in the area, including the bulk carrier Cape Dao and the container ship JFS Pride. The International Energy Agency said crude oil exports from Persian Gulf countries rose by 4.4 million barrels a day in September, reaching more than 75 percent of the pre-war level; alternative routes have offset part of the supply disruption.

Meanwhile, according to US Central Command, the Islamic Republic has exported no oil in recent months because of the blockade of its ports. On Thursday, Donald Trump also said the United States has full control of the strait and that more oil and gasoline now passes through it than before the war.

Brent crude fell to $104 despite the Islamic Republic's attacks in the Strait of Hormuz; the Islamic Republic's own oil exports remain at zero.