Brent Crude Nears $110 as Iran Escalates Strait of Hormuz Attacks, Ukraine Targets Russian Refineries

Name: Brent Crude Nears $110 as Iran Escalates Strait of Hormuz Attacks, Ukraine Targets Russian Refineries
Uploaded: 2026-10-16T21:15:31.952293+00:00
Description: Brent crude settled at $109.86 a barrel on Oct. 16, 2026, up 3.7%, as Iran intensified attacks on shipping through the Strait of Hormuz and Ukraine vowed to resume strikes on Russian refineries. The twin shocks have cut Hormuz flows by roughly a third from pre-conflict levels, threatening a broader energy-inflation spike for fuel-importing emerging markets.

Brent crude settled at $109.86 a barrel on Oct. 16, 2026, up 3.7%, as Iran intensified attacks on shipping through the Strait of Hormuz and Ukraine vowed to resume strikes on Russian refineries. The twin shocks have cut Hormuz flows by roughly a third from pre-conflict levels, threatening a broader energy-inflation spike for fuel-importing emerging markets.

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