Brent crude tops $109 on new attacks in the Strait of Hormuz

Brent crude rose above $109 a barrel on Friday, 16 October 2026, after reports of new attacks on commercial ships in the Strait of Hormuz — the highest level since early September and just cents below the five-month peak. West Texas Intermediate, the US oil benchmark, also reached $100 for the first time since September.

The oil market has gained about 5 percent this week. The jump came just one day after Brent had fallen to $104 on talk of easing sanctions on shadow-fleet tankers. Mason Mendez, an analyst at Wells Fargo, said investors are worried about further escalation of the conflict in the Middle East, with more attacks on shipping and regional infrastructure, and that doubts about the implementation of the US-Russia diesel deal are also growing.

The Strait of Hormuz and the Islamic Republic's attacks on shipping

The Strait of Hormuz has remained effectively closed since the war began last winter, and the Islamic Republic and its affiliated forces have repeatedly targeted commercial ships in this waterway and in the Gulf of Oman. In recent days the bulk carrier "Cape Dao" sank in the Strait of Hormuz, and the Islamic Republic's army reported that another tanker had caught fire in the Gulf of Oman, without naming the vessel or any independent confirmation being available.

What dearer oil means for Iranians and the world

According to Wells Fargo experts, rebuilding the world's depleted oil stocks could keep demand high and energy prices elevated until 2027. The average price of regular gasoline in the US had reached $4.32 a gallon on Friday morning and is expected to rise further in the coming days; US stock indexes also fell as energy became more expensive.

Dearer oil on the world market brings Iranians no benefit: the US naval blockade has sharply limited the Islamic Republic's oil exports, while inflation and the fall of the rial are shrinking household tables and the price of chicken and eggs has multiplied.

Brent crude neared $110 on new attacks in the Strait of Hormuz, and US crude topped $100.