Brent Falls to $108.52 as Wright Says U.S. Fuel Prices Have Peaked

Brent crude fell Monday morning after touching $110 a barrel Friday, while Energy Secretary Chris Wright said U.S. gasoline and diesel prices had peaked weeks earlier.

Brent futures were down $1.34, or 1.22%, at $108.52 a barrel at 6:02 a.m. ET (10:02 UTC) Monday, Oct. 19. The benchmark briefly reached $110 on Friday, Oct. 16, before settling at $109.86, its highest settlement since May 19. The decline followed a Friday oil rally amid tanker attacks near the Strait of Hormuz.

“Both gasoline and diesel prices peaked a few weeks ago. They've pulled back only slightly,” Wright said Sunday. The national averages Monday were $4.30 a gallon for regular gasoline and $6.32 for diesel, each less than a cent below Sunday’s level. Diesel was about 5 cents higher than a week earlier, but remained below its Sept. 22 record of $6.53.

President Donald Trump signed an order Friday waiving specified duties, sanctions and restrictions under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The waivers remain in effect until Trump or designated officials decide further action is appropriate.