Brent Crude Touches $110 as Iran Attacks at Least Nine Ships Near Hormuz

Brent crude touched $110 a barrel Friday, its highest level since May, as attacks on shipping near the Strait of Hormuz intensified and U.S. crude posted a weekly gain above 10%. The oil market move puts the latest supply concerns in focus for U.S. markets readers.

Brent futures settled at $109.86 a barrel on Oct. 16, up 3.7%. West Texas Intermediate (WTI), the U.S. benchmark, rose 3.5% to $101.41. For the week, WTI gained more than 10%, while Brent advanced nearly 5%.

At least nine oil tankers and cargo ships were attacked around the strait since Oct. 11. The incidents left three crew members injured and two missing. The Singapore-flagged container ship GFS Pride sank while being towed toward shore. More than 40 vessels transited the strait’s main channel in the 24 hours ending Oct. 16.

Houthi forces also continued missile attacks on Saudi Arabia. A ballistic missile aimed at Yanbu, an oil-export port, was intercepted. In the United States, diesel averaged $6.33 a gallon Friday, about 73% above its price a year earlier.