Brent crude holds near $109 as two tankers reportedly strike mines in Hormuz over weekend

Two oil tankers struck naval mines in the Strait of Hormuz on Thursday and Friday, according to Iran's Islamic Revolutionary Guard Corps, which said the vessels were carrying approximately two million barrels each and attempted transit without Iranian authorization with tracking systems disabled. Independent confirmation of vessel identities, flag states, and casualties remains unavailable. UK Maritime Trade Operations reported separate attacks on vessels off Saudi Arabia on Friday and Saturday, including one struck by a rocket-propelled grenade from a small boat. The incidents extend a month-long surge in Strait of Hormuz attacks, with Bloomberg reporting at least six vessels struck in a single day on October 13. A Singapore-flagged containership sank on October 14 after being struck by a projectile, according to Singapore's Maritime and Port Authority, which confirmed all 21 crew evacuated safely. Brent crude traded near $109 per barrel on October 18.

Shipowners moving Gulf crude or gas now price war-risk premiums, rerouting costs, and potential total loss into every voyage, raising energy prices globally and compressing margins for refiners, utilities, and end consumers who cannot pass costs forward. Kpler data cited by Al Jazeera show daily Hormuz oil flows dropped from 20.8 million barrels on October 8 to 2.9 million barrels on October 11. Brent reached $109.86 per barrel on October 16, up 79 percent year-on-year according to Trading Economics, while Asian LNG spot prices surged to $29.85 per MMBtu by October 16 as Hormuz disruptions curtailed Middle East LNG supply. The strait normally carries about 20 percent of global oil and LNG trade, though continued mining and projectile attacks create uncertainty around future transit.

Sources

Al Jazeera, Iran says two tankers catch fire after hitting mines in Strait of Hormuz, October 18, 2026, aljazeera.com; Bloomberg via CNBC, Brent crude hovers near $109 a barrel as Ukraine resumes energy strikes tankers attacked in Middle East, October 18, 2026, cnbc.com; CBS News, Iran says Strait of Hormuz reopening seven-day ceasefire conditions still on table, October 18, 2026, cbsnews.com; straits.live, Strait of Hormuz Status October 18 2026, October 18, 2026, straits.live; gCaptain, Containership Sinks as Hormuz Attacks Spiral Out of Control, October 14, 2026, gcaptain.com; The National News (UAE), Oil tanker struck in Strait of Hormuz says Indian ports minister, October 16, 2026, thenationalnews.com; Trading Economics, Brent oil Price Chart Historical Data News, October 18, 2026, tradingeconomics.com; LNG Price Index, LNG Price Today JKM TTF Henry Hub, October 16, 2026, lngpriceindex.com