Brent Surpasses $110 Then Retreats to $108.95 as Tankers Are Targeted
Brent crude surpassed $110 per barrel as supply concerns escalated in the Strait of Hormuz, before falling back to $108.95 amidst attacks on tankers.
Brent crude surpassed $110 per barrel today as concerns escalated over the resumption of normal oil flows from the Gulf, before later retreating to $108.95 per barrel, according to Oilprice. US West Texas Intermediate crude for November 2026 settlement rose to $102.99 per barrel.
The website reported that Brent approached $112 before dropping below $108, citing the Associated Press. It noted that prices reached their highest level in five months amid growing pessimism regarding the return of normal oil flows from the Gulf.
It explained that the wave of attacks on tankers in the Strait of Hormuz severely impacted oil flows, citing Kpler. It added that Reuters quoted Kpler as recording at least 18 attacks on tankers in just two weeks, and that average daily flows from the Gulf fell to 8.5 million barrels from over 20 million barrels per day two weeks ago.
In the same context, Yemen's Houthi group targeted Saudi Arabia again, aiming at energy infrastructure, airports, and military sites, which increased oil market volatility in the region, according to the website.
What do these terms mean?
Brent Crude: A global benchmark crude oil used to price oil cargoes, mostly coming from the North Sea.
West Texas Intermediate: An American benchmark crude oil used to price oil in the United States.
Risk Premium: An increase in price added by the market to compensate for potential supply disruptions or political and security instability.
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