Wright Says Gas Prices Peaked As Brent Holds Above $108

By ZeroHedge - Oct 19, 2026, 10:00 AM CDT Brent futures briefly hit $109.99 overnight, a five-month high, before easing as Gulf oil flows recovered to about 80% of pre-conflict levels. Energy Secretary Chris Wright says gasoline and diesel peaked weeks ago, with diesel at $6.319 a gallon against a $6.50 record and gasoline at $4.295. Refined-product shipments remain constrained, the IEA expects the diesel squeeze to last well into next year, and the US is discussing diesel stockpile releases with European allies. Brent crude futures briefly tagged $109.99 a barrel in overnight trading before retreating from five-month highs during the Asian session and into European trading, as signs of recovering Middle Eastern supply offset renewed attacks on energy infrastructure and critical maritime shipping lanes.US Energy Secretary Chris Wright reinforced expectations of easing fuel prices at the pump, with ABC News quoting him on Sunday as saying gasoline and diesel prices had "peaked.""Both gasoline and diesel prices peaked a few weeks ago," Wright said, adding that the US wants them to "pull back a lot more than they have."He said he understands the mounting frustrations at the pump, which have soured consumer sentiment, but said the administration is "working in all different avenues" to address the problem.The latest data from AAA show the national average for diesel prices at the pump on Sunday stood at around $6.319 a gallon, down from the previous record high of $6.50.AAA pump data also show regular gasoline prices sliding from the $4.50 level to $4.295 by Sunday, still above the politically sensitive $4 level.Wright said Gulf oil flows had recovered to about 80% of pre-conflict levels, although refined-product shipments remained heavily constrained amid a global refining crisis compounded by Ukraine's persistent attacks on Russian refineries.Separately, Wright told Fox News that Trump administration officials were discussing releases of diesel stockpiles in coordination with European allies.June Goh, a senior oil market analyst at Sparta Commodities SA, told Bloomberg, "The markets seem unwilling to absorb the higher prices with the rest of the economy not looking rosy," adding that Brent crude is likely to remain around $100.The Wall Street Journal reported overnight that Russian President Vladimir Putin proposed talks next month with President Trump and Chinese President Xi Jinping. Moscow confirmed discussions were underway.Last week, the International Energy Agency reinforced Goldman Sachs energy analyst Nikhil Bhandari's warning that there is no quick relief at the pump, as the refining crisis, particularly in diesel, will persist well into next year.By Zerohedge.comMore Top Reads From Oilprice.comChina’s Solar Exports Keep Falling as Beijing Mulls Export ControlsRecord Shipping Costs Force Oil Producers to Slash PricesHormuz Is Turning Shipping’s Fuel Bill Into a Supply Crisis Download The Free Oilprice App Today Back to homepage