Brent Crude (North Sea): The War in the Straits Has Spilled Ashore

October was a record month for the number of attacks on ships in the Strait of Hormuz, the Houthis claimed to have struck Saudi Arabia’s largest oil refinery, and global oil reserves have fallen more than half a billion barrels below pre-war levels. At the same time, negotiations with Tehran are underway, and Washington, according to press reports, is preparing a new campaign following the midterm elections. We’ll examine how this crossroads is affecting market balance and the chart.