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Global crude prices surge past $109/bbl after IRGC strike sinks ship in Strait of Hormuz
Alex Kimani · October 19, 2026 · Week 2026-43
Summary
Global oil prices surged, with Brent crude exceeding $109 per barrel, after the US confirmed an Iranian Revolutionary Guard Corps (IRGC) strike sank a container ship in the Strait of Hormuz. This kinetic action in a critical energy chokepoint immediately heightened market fears of supply disruptions from the Gulf, even as the article's main focus was on the lagging price of Canadian crude.
Strategic Implication
The attack significantly raises the geopolitical risk premium for all crude transiting the Strait of Hormuz, increasing shipping insurance costs and price volatility for GCC exporters.