Brent crude briefly rose above $110 a barrel on October 19, its highest level in five months, while WTI traded near $98.55, OilPrice.com reported. The jump followed renewed Iranian strikes on tankers in the Strait of Hormuz.

Citing Reuters and the analytics firm Kpler, OilPrice.com said there had been at least 18 tanker attacks in two weeks, and that daily oil outflows from the Persian Gulf had fallen to 8.5 million barrels from more than 20 million two weeks earlier.

ING analysts Warren Patterson and Ewa Manthey said the market is carrying a large risk premium that would only fade if flows stabilise. Fresh Houthi strikes on Saudi energy infrastructure, airports and military sites added to the volatility.

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