Brent crude hits $110 as Iran attacks shipping in Strait of Hormuz

invezz.com (Swedish) — October 18, 2026 at 07:01 AM UTC

Crude oil prices hit their highest level since May 20, with Brent reaching $110 and WTI climbing to $99.05, as Middle East tensions escalated due to continued Iranian attacks on shipping. Iran's Islamic Revolutionary Guard Corps (IRGC) fired on at least four vessels over the weekend in the Strait of Hormuz, adding to dozens of attacks in recent weeks. The US has refrained from retaliation, while analysts expect the risk premium to persist until midterm elections. Technical analysis shows Brent breaking above the $109.9 resistance level, with targets of $115 and potentially $120. Additional pressure comes from Houthi attacks on Saudi Arabia and Ukrainian strikes on Russian refineries, keeping supply risks elevated.

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