Brent Crude Tops $107 as Ukraine Strikes and Hormuz Burns
As seen on the 24/7 Wall St. homepage on October 12, 2026.
Brent above $107 with a third tanker burning in Hormuz puts a supply premium back into every refiner, airline and inflation reading at once.
BREAKING: Brent crude oil prices surge above $107/barrel after Ukraine's President Zelensky accuses Russia of striking 6 Ukranian energy facilities today. Iran also said a third crude oil supertanker has been hit and caught fire in the Strait of Hormuz today. https://t.co/nb3SeUGKLx
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Brent crude crossing $107 per barrel on October 12 reflects two supply threats hitting at once, starting with Zelensky's accusation that Russia struck six Ukrainian energy facilities in a single day.
Iran reported that a third crude oil supertanker was hit and caught fire in the Strait of Hormuz, one of the most critical chokepoints in global oil transit.
Together, the two developments put a visible risk premium back into crude prices. Refiners, airlines, and any business with fuel costs embedded in its margins all feel the squeeze immediately when Brent moves this sharply.
Inflation readings are also sensitive to crude at these levels, since energy feeds directly into transport and manufacturing costs across the broader economy. Investors in rate-sensitive sectors have reason to watch how long Brent holds above $107.