Brent crude hovers near $109 a barrel as Ukraine resumes energy strikes, tankers attacked in Middle East
Brent crude prices are fluctuating between $109 and $110 per barrel, reaching a five-month high. Market volatility follows Ukrainian air attacks on Russian energy infrastructure, including an October 18 strike on a Saint Petersburg oil terminal. Simultaneously, tensions in the Middle East have surged after Iran-backed Houthi militants claimed attacks on Saudi Arabia and reports emerged of two tankers being hit in the Persian Gulf. Traders are currently balancing these supply risks against potential IEA reserve releases and U.S. crude draws.
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- ✓ Brent crude prices have reached a five-month high above $110.
- ✓ Ukraine conducted an air attack on an oil terminal in Saint Petersburg on October 18, 2026.
- ✓ Iran-backed Houthi militants claimed attacks on Saudi Arabia.
- ✓ Brent crude has hovered near $109 per barrel.
What changed
Ukraine struck a Saint Petersburg oil terminal on October 18 and Houthi militants claimed attacks on Saudi Arabia.
Live updates
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Brent Crude Near $110 Amid Energy Strikes and Middle East Attacks
Brent crude prices are fluctuating between $109 and $110 per barrel, reaching a five-month high. Market volatility follows Ukrainian air attacks on Russian energy infrastructure, including an October 18 strike on a Saint Petersburg oil terminal. Simultaneously, tensions in the Middle East have surged after Iran-backed Houthi militants claimed attacks on Saudi Arabia and reports emerged of two tankers being hit in the Persian Gulf. Traders are currently balancing these supply risks against potential IEA reserve releases and U.S. crude draws.
Why it matters
Energy infrastructure strikes in the Russia-Ukraine conflict directly threaten global oil supply stability. In the Middle East, the Strait of Hormuz remains a critical chokepoint where militant activity can trigger rapid price spikes. These geopolitical pressures are competing with institutional efforts to stabilize prices through strategic reserves.
What is confirmed
- Brent crude prices have reached a five-month high above $110.
- Ukraine conducted an air attack on an oil terminal in Saint Petersburg on October 18, 2026.
- Iran-backed Houthi militants claimed attacks on Saudi Arabia.
- Brent crude has hovered near $109 per barrel.
Still unconfirmed
- Two tankers were hit off Saudi Arabia in the Persian Gulf.
- U.S. crude draws are igniting fresh buying for WTI.
What to watch next
- Confirmation of tanker damage in the Persian Gulf
- Announcement of IEA reserve release volumes
- Further Ukrainian strikes on Russian energy sites
confidence 90%Sources used for this update (13)
- WSJ — Oil Prices Fall as Traders Weigh IEA Reserve Releases, Hormuz Risks
- Reuters — Oil heads for weekly gain with focus on Middle East supply
- Financial Times — Brent hits 5-month high above $110 on continued tension in Middle East
- Crude Oil Prices Today | OilPrice.com — WTI Outpaces Brent as U.S. Crude Draw Ignites Fresh Buying
- CNBC — Brent crude hovers near $109 a barrel as Ukraine resumes energy strikes, tankers attacked in Middle East
- Bloomberg.com — Brent Crude Holds Near $110 on Mideast and Ukraine Conflicts
- WSJ — Energy & Utilities Roundup: Market Talk
- www.cnbc.com — Brent tops $109 after Houthis claim attacks on Saudi Arabia
- www.europesays.com — Brent crude hovers near $109 a barrel as Ukraine resumes ...
- www.wol.com — Brent crude hovers near $109 a barrel as Ukraine resumes ...
- energynews.today — Brent crude hovers near $109 a barrel as Ukraine resumes ...
- www.ieconomy.io — Brent crude holds near $109 as energy attacks resume
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