U.S. crude tops $100 as Hormuz attacks and Ukraine strikes lift oil
WTI settled at $101.41 and Brent at $109.93.
Energy · Friday, October 16, 2026 · 3:45 PM ET
U.S. crude oil topped $100 a barrel on Friday as Iran stepped up attacks near the Strait of Hormuz, Houthi militants targeted Saudi Arabia and Ukraine said it would keep striking Russian refineries (CNBC, Reuters, WSJ).
The price move
CNBC said U.S. West Texas Intermediate futures rose 3.5% to settle at $101.41 a barrel and Brent rose 3.8% to $109.93, with WTI up more than 10% on the week and Brent nearly 5%. Reuters said WTI crossed $100 for the first time since September 21. WSJ put front-month November WTI at $100.71 early in the afternoon, topping $100 for the first time in a month.
Why
CNBC said at least nine commercial ships have come under attack near Hormuz since Sunday, and that U.S. Central Command said Iran sank the container ship GFS Pride on Wednesday. Kpler data cited by CNBC showed Hormuz crude shipments at 9.4 million barrels a day for the week ended Wednesday, about 70% of the average before the Iran war. Reuters said Iran has said it is stepping up strikes in response to the U.S. blockade of its ports and tougher sanctions, and that Ukraine hit a Russian refinery after President Zelenskiy said Kyiv was abandoning an energy-site ceasefire announced by President Trump. CNBC also pointed to a draw of more than 8 million barrels in U.S. commercial crude inventories, which it tied to Gulf Coast production shut-ins.
CNBC said U.S. diesel averaged $6.33 a gallon on Friday, per AAA, up more than 70% from a year ago. Reuters said the IEA agreed Thursday to release more than 20 million barrels of fuel. See earlier coverage: Thursday First Light and today stock slide.