Hormuz faces a deal-or-strikes test, with Brent near $110

Energy & IndustryTransport & LogisticsInsurance & RiskGovernment & Public FinanceGulf, Middle East and North Africa · global

What changed

On 29 October a small boat fixed explosives to a tanker 25 nautical miles north-east of Khasab, UKMTO reported. Euronews calls it the first successful limpet-mine attack in the strait since the war began in February.
On 1 November Iran's foreign minister said a Qatar-mediated plan to reopen the strait within two days was under discussion. He said there was no breakthrough yet.
Brent reached $118.07 on 30 October, up 82.5% in a year. It was near $110 on 2 November.

Brent has nearly doubled in a year

Fortune, daily oil price page, 30 Oct 2026 · US$ per barrel. About $110 on 2 November.

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