Brent crude traded near US$112.4 a barrel on Thursday 22 October 2026, up about 3.3% on the day and roughly US$51 above the US$61 Angola assumed in its 2026 budget. Novo Jornal called it a four-year record, but the article says market data do not support that claim: the level is the highest since early May, while the all-time high of US$147.50 dates from July 2008. Novo Jornal attributes the move to the Persian Gulf war and fears of new strikes on Iran, though no official statement names a single trigger. Output was 1.032 million barrels a day in the first half against a 1.050 million target, and fuel subsidies could reach about 2.48% of GDP by December versus 0.9% in the budget.
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