Brent oil touches $110 as Iran escalates Hormuz attacks, Ukraine vows to hit Russian refineries
Brent crude oil prices reached $110 per barrel for the first time since May, driven by Iranian attacks in the Strait of Hormuz and threats to Russian energy infrastructure. While Brent closed at $109.86, up 3.7 percent, WTI settled above $101. Market volatility persists as traders balance these supply risks against potential IEA reserve releases. Recent escalations include Houthi claims of attacks on Saudi Arabia and confirmed Ukrainian strikes on Russian oil facilities, pushing prices toward a five-month high.
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- ✓ Brent crude oil touched $110 per barrel for the first time since May.
- ✓ U.S. crude oil prices rose above $100.
- ✓ Iran escalated attacks in the Strait of Hormuz.
- ✓ Ukraine targeted oil facilities in Russia.
What changed
Houthi militants claimed attacks on Saudi Arabia and Ukraine struck Russian oil facilities on Monday.
Live updates
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Brent Oil Hits $110 as Middle East and Ukraine Tensions Mount
Brent crude oil prices reached $110 per barrel for the first time since May, driven by Iranian attacks in the Strait of Hormuz and threats to Russian energy infrastructure. While Brent closed at $109.86, up 3.7 percent, WTI settled above $101. Market volatility persists as traders balance these supply risks against potential IEA reserve releases. Recent escalations include Houthi claims of attacks on Saudi Arabia and confirmed Ukrainian strikes on Russian oil facilities, pushing prices toward a five-month high.
Why it matters
The Strait of Hormuz is a critical chokepoint for global crude exports. Continued instability in this region combined with the Russia-Ukraine conflict creates a compounding risk to global energy supplies. These geopolitical pressures are offsetting efforts to stabilize prices through strategic reserves.
What is confirmed
- Brent crude oil touched $110 per barrel for the first time since May.
- U.S. crude oil prices rose above $100.
- Iran escalated attacks in the Strait of Hormuz.
- Ukraine targeted oil facilities in Russia.
Still unconfirmed
- At least nine commercial ships have come under attack near Hormuz since Sunday.
- Brent crude closed at $109.86, up 3.7 percent, and WTI settled above 101.
What to watch next
- IEA announcements regarding reserve releases
- Further confirmation of Houthi attacks in Saudi Arabia
- Official reports on the extent of damage to Russian refineries
confidence 90%Sources used for this update (12)
- WSJ — Oil Prices Fall as Traders Weigh IEA Reserve Releases, Hormuz Risks
- CNBC — U.S. crude oil tops $100 as Iran escalates Hormuz attacks, Ukraine vows to hit Russian refineries
- Bloomberg.com — Oil Tops $110 for First Time Since May as Supply Risk Grows
- Reuters — Oil heads for weekly gain with focus on Middle East supply
- The Hill — Oil reaches $110 per barrel
- Financial Times — Brent hits 5-month high above $110 on continued tension in Middle East
- The Hill — Oil hits $110 per barrel for first time since May
- www.cnbc.com — Brent oil touches $110 as Iran escalates Hormuz attacks, Ukraine vows to hit Russian refineries
- discoveryalert.com — Brent Oil Price Hits $110 as Hormuz, Saudi and Russia Risks Stack Up
- hit.tv — Brent oil touches $110 as Iran escalates Hormuz attacks ...
- energynews.today — Brent oil touches $110 as Iran escalates Hormuz attacks ...
- www.cnbc.com — Brent tops $109 after Houthis claim attacks on Saudi Arabia
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