Brent crude holds at $114 as record tanker attacks in Hormuz mount

Brent crude was trading at $114.42 per barrel on Monday, down from above $116 last week but nearly double the level seen at the end of 2025, as a record number of tanker attacks in the Strait of Hormuz and ongoing Houthi strikes on Saudi oil infrastructure keep markets elevated.

West Texas Intermediate held above $100 per barrel at $100.97, down from a 2026 high of over $112 reached in April but up from below $60 per barrel at end-December.

Data from UK Maritime Trade Operations and the International Maritime Organization show at least 28 vessels were attacked in Hormuz this month. Of those, at least 11 were supertankers that sustained damage — a supply concern given tightening availability of very large crude carriers. The actual number of incidents is likely higher, as not all attacks are reported.

Yemen's Houthis continued to strike Saudi infrastructure over the weekend, targeting oil facilities and an airport. Iranian attacks on tankers in the Persian Gulf are also cited as a factor sustaining the price floor.

The price trend over recent months has shown a pattern of steep climbs followed by moderate declines, leaving the overall trajectory higher.