
Global oil prices hit highest level in 5 months amid attacks on ships, facilities
POLITICSGlobal oil prices have climbed more than 55% since the outbreak of the Iran war. ByMax Zahn Tuesday, October 20, 2026 5:48PMWatch ABC News live news stream and get 24/7 latest, breaking news coverage, and live video. Global oil prices climbed to their highest level in five months on Tuesday after Iran and its Houthi allies claimed attacks on oil infrastructure in the Middle East. The Brent crude futures price, a benchmark for global trading, topped $111 a barrel for the first time since May before retreating to $110.30 a barrel. The latest reading marks a rise of more than 55% since the Iran war began in late February. An oil shortage continues to bedevil crude sellers, who typically pass along elevated costs to refiners, leading to higher prices at the pump. The United Kingdom Maritime Trade Operations Center, or UKMTO, on Tuesday issued an advisory after it received a report of an incident involving a tanker and military forces off the coast of Oman. Separately, Iranian state-run media reported on Tuesday that the Islamic Revolutionary Guard Corps claimed that two oil tankers hit naval mines south of the Strait of Hormuz.





















