Oil holds near $109 as Ukraine strikes Russian energy sites, tankers targeted in Gulf

Brent crude falls slightly but remains elevated after weekend attacks

By LineZotpaper

Published19 October 2026

Updated19 October 2026

Read Time2 min

Sources2 outlets

Oil prices stayed near their recent highs on Sunday, with Brent crude futures shedding $1.04 to $108.82 per barrel, as traders weighed a Ukrainian drone strike on a fuel export terminal in St. Petersburg and attacks on two tankers in the Persian Gulf.

Crude oil prices remained elevated near $109 a barrel on Sunday amid fresh geopolitical tensions. Brent crude futures slipped $1.04 to $108.82 per barrel, while US West Texas Intermediate lost 26 cents to $101.15.

The moves came after Ukraine resumed strikes on Russian energy infrastructure. On Sunday, Ukrainian drone strikes sparked fires at an oil terminal and depot in St. Petersburg, according to Governor Alexander Beglov, who posted on Telegram. The terminal exports around 120,000 barrels per day of refined products, mostly fuel oil, data from Kpler shows. The extent of the damage remains unclear.

President Donald Trump had declared a truce between Kyiv and Moscow on October 11, leading Ukraine to briefly pause its attacks on Russian energy facilities. However, Russia continued to strike Ukrainian energy infrastructure after the announcement. Ukrainian President Volodymyr Zelenskyy said last week that Kyiv would resume strikes on Russian facilities in retaliation.

In the Middle East, two tankers were attacked off the coast of Saudi Arabia in the Persian Gulf on Friday, according to reports from the United Kingdom Maritime Trade Operations Centre (UKMTO). One vessel was targeted by a rocket-propelled grenade from a small boat 78 nautical miles northeast of Al Jubayl. Another tanker, the ST3, was hit by an unknown projectile. Iran has escalated attacks on tankers in the region, aiming to choke off crude oil exports from the Persian Gulf, the UKMTO reports.

Analysis

Why This Matters

The combination of supply threats from both Russia and the Middle East pushes oil prices higher, feeding global inflation and raising costs for consumers and businesses.
Any sustained rise in crude could prompt central banks to maintain tighter monetary policy.
The attacks indicate that neither Ukraine nor Iran is backing down, raising the risk of further supply disruption in an already tight market.

Background

Oil markets have been volatile since Russia’s full-scale invasion of Ukraine in 2022. A US-brokered truce announced on October 11 briefly paused Ukraine’s strikes on Russian energy facilities, but the deal unravelled as Russia continued to hit Ukraine’s power grid. Meanwhile, Iran has stepped up harassment of tankers in the Persian Gulf and Strait of Hormuz, through which about a fifth of the world’s oil passes. The combination has kept benchmarks near $110.

Key Perspectives

[Russia]: Denounces Ukraine's renewed strikes as an escalation and reports damage to critical infrastructure. [Ukraine]: Frames its strikes as legitimate retaliation for Russia’s ongoing attacks on Ukrainian energy. [Iran]: Uses tanker attacks to pressure Gulf states and disrupt rival oil flows, though it does not formally claim responsibility. [Markets]: Traders are pricing in a rising risk premium on crude, which could rally above $110 if either conflict worsens.

What to Watch

Reports of damage at the St. Petersburg terminal; extended closure could cut regional fuel exports.
UKMTO incident logs for further tanker attacks in or near the Gulf.
Next statements from Zelenskyy or the Kremlin on the truce’s status.

Sources

Brent Crude Holds Near $110 on Mideast and Ukraine Conflicts - Bloomberg.com · "site:bloomberg.com when:1d" - Google News
Brent crude hovers near $109 a barrel as Ukraine resumes energy strikes, tankers attacked in Middle East · US Top News and Analysis

Checked

11 claims in this story checked against 1 source: 10 supported.

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SupportedHeadline: Brent oil 'holds near $109'US Top News and Analysis: “Brent crude hovers near $109 a barrel as Ukraine resumes energy strikes, tankers attacked in Middle East.”
SupportedBrent crude shed $1.04 to $108.82 per barrel on SundayUS Top News and Analysis: “Brent crude futures, the international benchmark, shed $1.04 to $108.82 per barrel.”
SupportedOil prices stayed near recent highs on SundayUS Top News and Analysis: “Crude oil prices hovered near recent highs on Sunday”
SupportedUkrainian drone strikes on a St. Petersburg fuel export terminal sparked fires, according to Governor Alexander Beglov's Telegram postUS Top News and Analysis: “Fires broke out at an oil terminal and depot in St. Petersburg after Ukraine launched a massive wave of drone strikes on Sunday, St. Petersburg Gov. Alexander Beglov said in a post on Telegram.”
SupportedThe St. Petersburg terminal exports about 120,000 barrels per day of refined products, mostly fuel oil, per Kpler dataUS Top News and Analysis: “The terminal in St. Petersburg exports about 120,000 barrels per day of refined products, mostly fuel oil, according to data from Kpler.”
SupportedWTI lost 26 cents to $101.15 per barrelUS Top News and Analysis: “U.S. West Texas intermediate lost 26 cents to $101.15 per barrel.”
SupportedTrump declared a truce between Kyiv and Moscow on October 11, leading Ukraine to briefly pause energy strikesUS Top News and Analysis: “Ukraine briefly paused strikes on Russian energy facilities after President Donald Trump declared on Oct. 11 that Kyiv and Moscow had agreed to a truce .”
SupportedZelenskyy said last week Kyiv would resume strikes on Russian facilities in retaliationUS Top News and Analysis: “President Volodymyr Zelenskyy said last week that Kyiv would resume strikes on Russian facilities in retaliation.”
SupportedTwo tankers were attacked off the coast of Saudi Arabia in the Persian Gulf on Friday, according to UKMTOUS Top News and Analysis: “two tankers were attacked off the coast of Saudi Arabia in the Persian Gulf on Friday, according to incident reports from the United Kingdom Maritime Trade Operations Centre.”
SupportedA small boat fired a rocket-propelled grenade at a tanker 78 nautical miles northeast of Al Jubayl; the ST3 was hit by an unknown projectileUS Top News and Analysis: “A small boat fired a rocket-propelled grenade at an unidentified tanker 78 nautical miles northeast of Al Jubayl, according to UKMTO. Another tanker, the ST3, was hit by an unknown projectile, UKMTO reported.”
Partly supportedIran has escalated attacks on tankers to choke off crude oil exports from the Persian Gulf, per UKMTO reportsUS Top News and Analysis: “Iran has escalated attacks on tankers in the Persian Gulf, Strait of Hormuz and Gulf of Oman in an effort to choke off crude oil exports from the region.”

Correction

19 October 2026An earlier version of this story said Brent crude closed at $108.82 per barrel on Monday. Brent futures shed $1.04 to $108.82 on Sunday.