Brent Crude Surpasses $110 Following Tanker Attacks Near Saudi Port

Key Facts

1Brent crude surpassed $110 per barrel after two tankers were struck by projectiles and RPGs near the Saudi port of Jubail.

2The global benchmark rose 3.7% on Friday, marking the second consecutive week of gains as traders increased bullish bets.

Brent crude surpassed $110 per barrel after two tankers were struck by projectiles and RPGs near the Saudi port of Jubail. Bloomberg reported that the attacks occurred in the central Persian Gulf, forcing markets to re-price geopolitical risks associated with energy infrastructure.

The global benchmark rose 3.7% on Friday, October 16, 2026, marking the second consecutive week of gains as traders increased bullish bets. According to CIBC Private Wealth Group, the oil market is currently pricing risk back in due to escalating regional tensions and their potential impact on vital waterways.