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The damaged tanker El Gaia after an attack near the Strait of Hormuz
Photo: gCaptain / Reuters

Oil Rises to $106.65 as Tanker Attacks Hit Wartime High

CNBC2 min read4 sources

Why is oil up today?

Oil (Brent crude, BZ=F) rose 1.8% to $106.65 a barrel on Monday after tanker attacks near the Strait of Hormuz hit a wartime high and US-Iran peace talks stalled.

Key numbers

Brent settle (Dec)$106.65+1.8% on Oct. 12
WTI settle (Nov)$93.74+2.1% on Oct. 12
Ships struck Oct. 1–69mostly crude tankers (per [1])
Attacks, Sept. 28–Oct. 512+most in any week of the war
Hormuz crude flow, week to Oct. 78.5M barrels/dayabout 40% below normal

What happened

Oil (Brent crude, BZ=F) rose 1.8% to $106.65 a barrel on Monday after tanker attacks near the Strait of Hormuz hit a wartime high and US-Iran peace talks stalled. Nine ships, mostly oil tankers, were struck in or near the strait from Oct. 1 to Oct. 6, according to the International Maritime Organization (IMO). Another ship was hit Monday morning, and empty supertankers are halting or turning back from the Persian Gulf. Crude moving through the strait was about 40% below normal in the week ending Oct. 7, and mediated talks remain deadlocked.

Why it matters

Oil, with Brent at $106.65 a barrel, matters because it sets the cost of fuel and shipping for almost everyone. Attacks on tankers make it harder to move crude and fuel out of the Gulf, which keeps supply tight. Diesel is hit hardest, which can raise the cost of moving food and goods. With talks stuck and no breakthrough expected before the Nov. 3 US midterm elections, the pressure may not ease soon.

Who this affects

Marketbearish
High impact
Fuel buyers and energy traders face higher, choppier prices.
Companybearish
High impact
Tanker owners and crews face rising danger and costs.
Competitorsbullish
Medium impact
Oil suppliers outside the Gulf gain from tighter supply.
Industrybearish
High impact
Truckers and shippers pay more as diesel supplies tighten.

Brent Crude vs WTI Crude

Brent crudeBZ=F$106.65+1.8%Dec
WTI crudeCL=F$93.74+2.1%Nov

As of 2026-10-12

How we got here

  1. US-Iran war begins, putting Hormuz shipping at risk.

  2. Week to Oct. 5 sees at least 12 tanker attacks, a wartime weekly high.

  3. Nine ships struck since Oct. 1, per the IMO.

  4. Mediated efforts to end the war remain deadlocked.

  5. Brent settles at $106.65 after another ship is hit.

What to watch

  • Whether tanker attacks keep running near daily and further cut Hormuz crude flows.2026-10-20
  • Any breakthrough in US-Iran talks; none is expected before the US midterm elections.2026-11-03

Educational content only. Not investment advice.

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