VG Markets Download Now

Oil Up 10%+ in Oct. Is $120 Next?

VG Markets · 2026-10-21T02:13:19Z

Oil Up 10%+ in Oct. Is $120 Next?

Oil’s October rally is gaining momentum.

Brent crude has jumped 13% this month, breaking above $110 a barrel, while WTI is up around 10% and has pushed past $100.

The rally comes as supply risks build on multiple fronts. Tensions in the Middle East have intensified, with attacks on shipping around the Strait of Hormuz raising fresh concerns over oil flows. At the same time, Ukrainian strikes on Russian refining facilities are keeping supply uncertainty elevated.

Another bullish factor: US Strategic Petroleum Reserve inventories have fallen to their lowest level since 1982, leaving less room to cushion a major supply shock.

Is $120 Next?

With Brent now above $110, the next key resistance sits around $115.3, followed by this year’s high near $119.5.

Further escalation in geopolitical tensions could keep the upside in play. But after such a sharp October rally, any easing in supply fears could also trigger a quick pullback.

With oil back above $110, all eyes are now on $115 — and potentially $120.

Risk Warning: Trading CFDs and other leveraged products carries a high level of risk and may result in the loss of all your invested capital. These products may not be suitable for all investors. Please ensure you fully understand the risks involved and do not invest funds you cannot afford to lose. Read the full Risk Warning Notice and seek independent professional advice where appropriate. Information on this website is general in nature and does not constitute financial advice.

Restricted Regions: VG Markets does not accept clients who are residents of jurisdictions where such distribution or use would be contrary to applicable laws or regulations, including, but not limited to: North Korea, Iran, Israel, Libya, Russia, Ukraine, Canada and the United States of America.

Corporate Information: VGMarkets.com is a domain owned by VantaGrowth Limited and is operated by one or more entities within the VG Markets group, depending on the jurisdiction of the client and the services provided.

VG Markets (Pty) Ltd (Registration Number: 2024/244398/07) is a South African company and is authorised and regulated by the Financial Sector Conduct Authority (FSCA) (FSP No. 54461). Registered office: Norwich Place West, 2nd Floor, Cnr 5th and Norwich, Sandown, Sandton, Gauteng, South Africa. VG Markets (Pty) Ltd acts as an intermediary in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), and is not the market maker or product issuer. It acts solely as an intermediary between clients and its respective liquidity providers (the product suppliers) and does not act as principal or counterparty to client transactions.

VG Markets Pty Ltd (ABN 24 664 991 799) is an Australian company and is the holder of Australian Financial Services Licence (AFSL) No. 556530 issued by the Australian Securities and Investments Commission (ASIC).

VG Markets Limited is a company incorporated under the International Business Companies Act 004 of 2005 of the Autonomous Island of Anjouan, Union of Comoros, with Company Number 16087 and its registered office at PO Box 1212, Hamchako, Mutsamudu, Autonomous Island of Anjouan, Union of Comoros. VG Markets Limited is the holder of International Brokerage and Clearing House Licence No. L16087/VGM issued by the Anjouan Offshore Finance Authority under Government Notice No. 005 of 2005.