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Brent Crude Jumps to $98.29 After Hormuz Tanker Fires
Why is oil up today?
Brent crude (BZ=F) rose 3.9% to settle at $98.29 on Thursday after tanker fires near the Strait of Hormuz, including one ship that hit a mine, revived supply worries.
Key numbers
| Brent settle (Thu) | $98.29+3.88% |
|---|---|
| WTI settle (Thu) | $90.52+2.7% |
| Brent close (Wed), two-month low | $94.62-8.7% (one outlet reports $94.66) |
| Ships hit in October | 35most in any month of the war |
| Brent earlier Thursday (per [3]) | $96.96+2.47% |
What happened
Brent crude (BZ=F) rose 3.9% to settle at $98.29 on Thursday after tanker fires near the Strait of Hormuz, including one ship that hit a mine, revived supply worries. Brent, the main global oil price, had fallen 8.7% to about $94.62 on Wednesday, a two-month low, on hopes the war with Iran might ease after the US midterm elections. Iran's Revolutionary Guard said two oil tankers and a tugboat caught fire, and Iran's navy said one tanker struck a naval mine. Brent traded near $96.96 earlier in the day before closing higher.
Why it matters
Brent crude (BZ=F) helps set the price of much of the world's oil, so its swings feed into fuel costs for drivers and businesses. US diesel is already above $6.50 a gallon. About 35 ships were hit in October, the most in any month of the war, so shipping risk is still real. Eurasia Group says escalation could push Brent to $110–$125, while UBS sees $80–$85 after the war ends.
Who this affects
- MarketmixedHigh impact
- Oil traders face sharp swings; energy investors gain, fuel buyers lose.
- CompanymixedMedium impact
- Tanker owners face higher risks; producers benefit from higher prices.
- CompetitorsbullishMedium impact
- WTI also rose 2.7%, helping US oil producers.
- IndustrybearishHigh impact
- Fuel buyers and shippers face higher costs and delays.
Brent Crude vs WTI Crude
| Brent crudeBZ=F | $98.29 | +3.88% | -8.7% |
|---|---|---|---|
| WTI crudeCL=F | $90.52 | +2.7% | -8.3% |
As of 2026-11-05
How we got here
Brent tops $117 a barrel as tankers are hit in the Gulf region.
Brent falls 8.7% to about $94.62 on hopes of a path to ending the war.
Iran's Revolutionary Guard says four tankers were destroyed after hitting naval mines.
Two tankers and a tugboat catch fire; Brent settles at $98.29.
What to watch
- Whether the US and Iran make progress on talks; no peace deal exists yet.Q4 2026
- How many tankers pass through Hormuz safely, after 35 ships were hit in October.Q4 2026
- Brent's Friday close, with the weekly loss near 14% in mid-session trading.2026-11-06
Educational content only. Not investment advice.
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