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Central banks' super week: Fed, ECB, BoJ seen holding; Canada may hike Moody’s spares France a downgrade as 10-year yield tops 5% Oil slips from six-month highs as Qatar mediates in Tehran China’s Fifth Plenum opens as AI exports mask weak home demand Lula wins, Brazil markets brace for shock sell-off; Tokyo Brazil ETF plunges ~15% Brazil votes today: Lula faces Flávio Bolsonaro in runoff Fed, ECB, BoJ Rate Decisions This Week: Holds Expected, December in Focus Oil is pricing in the next round of war. Brent tops $116 as Iran tensions drag Wall Street lower Global money is bidding for India's biggest growth stories while leaving India’s index

Central banks' super week: Fed, ECB, BoJ seen holding; Canada may hike Moody’s spares France a downgrade as 10-year yield tops 5% Oil slips from six-month highs as Qatar mediates in Tehran China’s Fifth Plenum opens as AI exports mask weak home demand Lula wins, Brazil markets brace for shock sell-off; Tokyo Brazil ETF plunges ~15% Brazil votes today: Lula faces Flávio Bolsonaro in runoff Fed, ECB, BoJ Rate Decisions This Week: Holds Expected, December in Focus Oil is pricing in the next round of war. Brent tops $116 as Iran tensions drag Wall Street lower Global money is bidding for India's biggest growth stories while leaving India’s index

Industries

Brent hits $110 as Iran steps up Hormuz ship attacks

Oil reached its highest level since May on renewed Gulf escalation, which adds inflation pressure just as markets weigh Fed hike risk.

News | 17 October 2026

Brent hits $110 as Iran steps up Hormuz ship attacks

Brent touched $110 on Friday, its highest since May, and US crude posted a weekly gain of more than 10%. Brent settled at $109.86, up 3.7%, and WTI rose 3.5% to $101.41.

At least nine tankers and cargo ships have been attacked near Hormuz since Sunday as Iran tries to choke off exports, and Iran sank the container ship GFS Pride on Wednesday. Kpler data puts shipments at 9.4 million barrels per day, about 70% of pre-war levels.

Flows through the strait are running at about 70% of pre-war levels. Supply worries extend beyond the Gulf too: Ukraine has vowed to keep hitting Russian refineries, and Houthi missiles are targeting Saudi Arabia. For central banks already fighting inflation, $110 oil is bad timing.