Oil hits $110 per barrel for first time since May
Oil prices surged to $110 per barrel, reaching a five-month high driven by escalating supply risks in the Middle East. Brent crude peaked at $111.99 before retreating to $108.79 following reports of diplomatic talks. Prices have climbed more than 50 percent since the start of the U.S.-Iran war in late February. Market volatility remains high as traders weigh Iranian attacks on ships in the Strait of Hormuz and Ukrainian threats against Russian refineries against potential IEA reserve releases and diplomatic efforts to avert major hostilities.
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- ✓ Brent crude oil reached $110 per barrel for the first time since May.
- ✓ Oil prices have increased by more than 50 percent since the U.S.-Iran war began in late February.
- ✓ Iran has deployed new tactics to target ships transiting the Strait of Hormuz.
- ✓ Brent crude hit a high of $111.99 before settling at $108.79.
What changed
Brent crude hit a five-month peak of $111.99 before dipping on reports of diplomatic talks between Russia and Iran.
Live updates
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Brent Crude Oil Hits $110 Per Barrel for First Time Since May
Oil prices surged to $110 per barrel, reaching a five-month high driven by escalating supply risks in the Middle East. Brent crude peaked at $111.99 before retreating to $108.79 following reports of diplomatic talks. Prices have climbed more than 50 percent since the start of the U.S.-Iran war in late February. Market volatility remains high as traders weigh Iranian attacks on ships in the Strait of Hormuz and Ukrainian threats against Russian refineries against potential IEA reserve releases and diplomatic efforts to avert major hostilities.
Why it matters
The Strait of Hormuz is a critical transit point for global oil supplies. Continued tension in the region and targeting of shipping vessels create immediate supply bottlenecks. High energy costs are also influencing broader financial markets, keeping bets alive for Federal Reserve interest rate hikes.
What is confirmed
- Brent crude oil reached $110 per barrel for the first time since May.
- Oil prices have increased by more than 50 percent since the U.S.-Iran war began in late February.
- Iran has deployed new tactics to target ships transiting the Strait of Hormuz.
- Brent crude hit a high of $111.99 before settling at $108.79.
Still unconfirmed
- Ukraine vows to hit Russian refineries.
- A Russian envoy is visiting Tehran to avert a return to major hostilities.
What to watch next
- Outcome of the 28 October FOMC meeting regarding interest rate hikes
- Confirmation of a ceasefire or diplomatic resolution between Iran and the U.S.
- IEA announcements regarding strategic reserve releases
confidence 90%Sources used for this update (22)
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- MarketWatch — Stock Market Today: Dow set to jump as Nasdaq set to retreat with bank earnings; AI trade in spotlight; Kospi slumps
- Reuters — Wall St edges lower as chips fall; markets assess big bank earnings
- WSJ — U.S. Stocks Tick Down as Bank Earnings Don’t Excite
- Yahoo Finance — Oil prices climb as Iran deploys new tactics to target ships transiting Hormuz
- WSJ — Oil Prices Fall as Traders Weigh IEA Reserve Releases, Hormuz Risks
- NBC News — Oil surges to $110 per barrel for the first time since May
- 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
- 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
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