Brent Oil Hits $110 as Hormuz Attacks Deepen Supply Fears

Oil's latest surge followed a retreat, not a steady climb. On October 15, investors were balancing threats to shipping through the Strait of Hormuz against possible US measures to reduce petroleum shipping costs, according to Arab News.

Potential sanctions relief for shadow fleet vessels offered one prospect of easing supply pressures. Business Line reported December Brent futures at $104.29, down 1.67 percent, that morning, while November WTI futures traded at $94.01.

On October 15, both major benchmarks reversed gains from the previous session. The Hindu reported Brent at $104.42 a barrel by 0337 GMT, down $1.64, and WTI at $94.11, down 98 cents.

Traders were also assessing the International Energy Agency's latest monthly report, CNBC International reported. A separate report from Bloomberg said oil was heading for a second weekly advance as rising Middle East supply risks competed with a fresh release of emergency reserves.

An October 16 report from Times of India Top Stories still described a marginal decline, quoting Brent at $105.40 and WTI at $97.31 as the US weighed easing sanctions on shadow fleet tankers.

The sharper move came Friday, October 16. CNBC reported that US crude rose sharply as Iran escalated attacks in the Strait of Hormuz, with Brent touching $110 and Ukraine vowing to hit Russian refineries.

The pressure extended beyond crude. Business Line reported that diesel and gasoline futures also climbed as traders assessed geopolitical risks, disrupted energy infrastructure and limited prospects for immediate supply relief.

By the October 17 coverage, Brent had surpassed $110 and WTI had also surged, with weekly gains above 10 percent, according to Economic Times Business & Economy. The earlier hopes for cheaper shipping had not prevented a substantial weekly rise.

Reports differ slightly on the precise Brent threshold. TGcom24 described Brent above $110 on Friday, while RT en Español - Noticias put it at $109.90. The latest supplied report, published October 18 by Mehr News (English), described Friday's price as approaching $110 rather than providing a fresh Sunday quote.

The immediate uncertainties are whether attacks around Hormuz intensify, whether Ukraine carries out further refinery strikes, and whether the US moves ahead with shadow fleet sanctions relief. Those are the competing supply pressures identified by CNBC and Arab News.

The longer-term outlook is less bullish than the latest price spike. Business Line reported that Goldman Sachs expects Brent at $90 in December 2026, up from its previous $85 forecast, before averaging $80 in 2027 as West Asia supply recovers. That is a forecast, not evidence that the current disruption has eased.