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Brent crude tops $111 a barrel, hits five-month high

Published : Tuesday, 20 October, 2026 at 5:34 PM

Observer Online Report

Brent crude prices surged to their highest level in five months on Tuesday, exceeding $111 per barrel amid reports of attacks on vessels in the Gulf region and escalating strikes between Russia and Ukraine.

Concerns over maritime security in the Gulf, alongside attacks on energy and other infrastructure in Russia and Ukraine, have heightened volatility in global oil markets.

Iran’s Fars News Agency reported that two oil tankers caught fire after striking mines in the Strait of Hormuz. The report cited Iran’s Islamic Revolutionary Guard Corps (IRGC).

The IRGC warned that oil companies would face a greater cost if what it described as “provocative actions” by the United States continued.

The IRGC also claimed on Monday that it had shot down a US MQ-9 drone over the Strait of Hormuz.

The Strait of Hormuz is one of the world’s most important routes for oil shipments. Rising tensions in the area have raised concerns over global oil supplies and prices.

Source: Al Jazeera

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Editor : Iqbal Sobhan Chowdhury

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