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Brent Crude Rises to $109.86 on Hormuz Tanker Attacks
Why did Brent crude jump to $110?
Brent crude (BZ=F) rose 3.7% to settle at $109.86 on Friday after attacks on Hormuz tankers, Houthi strikes on Saudi Aramco sites and a collapsed Russia-Ukraine energy truce raised supply fears.
Key numbers
| Brent settle | $109.86+3.7% on the day |
|---|---|
| WTI settle | $101.41+3.5% on the day |
| Brent weekly move | ~5%gain for the week |
| Ships attacked near Hormuz | 9+since 11 October |
| ExxonMobil (XOM) 2026 move | $178.98+48.7% YTD |
What happened
Brent crude (BZ=F) rose 3.7% to settle at $109.86 on Friday after attacks on Hormuz tankers, Houthi strikes on Saudi Aramco sites and a collapsed Russia-Ukraine energy truce raised supply fears. It briefly touched $110 a barrel, the first time since May. At least nine ships have been attacked near the Strait of Hormuz, a narrow waterway that carries much of the world's oil, since 11 October. Houthi rebels in Yemen also fired missiles at Saudi Arabia, and an Aramco office building was hit. Ukraine said it would keep striking Russian refineries after an energy ceasefire fell apart.
Why it matters
Brent crude helps set the price of much of the world's fuel, so $110 a barrel can push up petrol, diesel and shipping costs. Higher fuel costs can spread into the prices of everyday goods (inflation) for households and businesses. Some analysts say the world is not actually running short of oil, because Middle East flows have largely recovered, so the jump reflects fear as much as lost supply.
Who this affects
- MarketmixedHigh impact
- Households and fuel-heavy businesses pay more; energy shares gain.
- CompanybullishMedium impact
- Oil producers like ExxonMobil gain from higher prices.
- CompetitorsbullishMedium impact
- US benchmark WTI rose 3.5%, tracking Brent higher.
- IndustrybearishMedium impact
- Transport and manufacturing firms face higher fuel costs.
Brent Crude vs WTI Crude, ExxonMobil
| Brent crudeBZ=F | $109.86 | +3.7% | ~+5% |
|---|---|---|---|
| WTI crudeCL=F | $101.41 | +3.5% | +10% |
| ExxonMobilXOM | $178.98 | +1.9% | — |
As of 2026-10-16
How we got here
Latest wave of attacks on ships near the Strait of Hormuz begins.
Missile hits an Aramco administrative building in Dhahran, Saudi energy ministry says.
Brent touches $110, then settles at $109.86, its highest finish since May.
Iran says its offer to reopen Hormuz within seven days still stands.
What to watch
- Whether Iran's offer to reopen Hormuz within seven days turns into a deal with the US.2026-10-25
- Further Houthi missile strikes on Saudi export sites such as the Yanbu terminal.2026-10-26
- Ukraine's refinery strikes and how much diesel Russia can still supply to world markets.Q4 2026
Educational content only. Not investment advice.
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