Brentcrude oil prices hit $110 for first time since May as Iran attacks continue, Ukraine eyes Russia energy infra

October 17, 2026

Brent crude surpassed $110 per barrel as escalating attacks around the Strait of Hormuz and renewed Russia-Ukraine hostilities heightened global supply concerns. WTI also surged, recording weekly gains above 10%. Goldman Sachs warned prices could reach $120 if shipping disruptions worsen, while easing tensions could bring crude towards $80.

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