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Brent Trades At $110.50/bbl

Brent futures trades at $110.50/bbl; Trump says he postponed military strike on Iran on Gulf states request; India hikes fuel prices
Published: May 19, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
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Brent crude futures opened around $2 lower than Monday’s close at around $110.50/bbl, and has been trading at this level this morning, with price action quite stable.

In a post on Truth Social, President Trump said the US postponed a planned military strike on Iran planned for Tuesday at the request of Gulf states, but warned that the US would be ready to “go forward with a full, large scale assault on Iran, on a moment’s notice” if there was no acceptable deal. In other news, India’s state-run refiners raised fuel prices for the second time in less than a week due to economic losses from higher crude costs, where prices of diesel and gasoline in New Delhi were increased by a modest 1% and 0.9%, respectively, to 91.58 rupees and 98.64 rupees a litre. BP and union leaders resumed labour contract negotiations for workings at the Whiting, Indiana, oil refinery on Monday with no agreement yet, as a lockout entered its third month this week. Australia has secured additional commodity supplies, including jet fuel from China, with three jet fuel cargos, totalling more than 600kb, are expected to arrive from early June. Venezuela's new oil minister, Paula Henao, and a ‌senior leader of state oil company PDVSA, E&P Vice President Jovanny Martinez, are scheduled to speak on Tuesday at an oil exploration summit being held outside Houston by the American Association of Petroleum Geologists. The speeches will mark the first visit to the US by senior oil officials from the South American country since President Nicolas Maduro was ousted in January by American military ⁠forces. Finally, the Jul/Aug’26 and Jul/Jan’27 Brent futures spreads are at $4.45/bbl and $20.77/bbl respectively.

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