Brent crude reached nearly $110 on October 16, its highest level since May. The trigger is the impact of a projectile against a tanker in the Strait of Hormuz.
Brent crude approached $110 on October 16, its highest level since May, amid concerns over energy supply. According to information published by El Confidencial Digital, the source of this anxiety lies in a maritime incident in the Strait of Hormuz.
The attack, recorded on October 11, struck a tanker on its port side, which caught fire after the impact. The crew was safe, and no environmental consequences had been reported at the time of the incident. The origin of the projectile is unidentified, so responsibility cannot be attributed to any party.
The Strait of Hormuz connects the Persian Gulf with the Gulf of Oman and is a key route for oil and liquefied natural gas. Before the war that began in late February 2026, about one-fifth of the world's trade in both products passed through this route.
Iran defends restrictions on transit and insists that vessels must follow routes authorized by its Armed Forces. The United States maintains its military presence in the area and advocates for navigation safety.
Crude oil prices are set in international markets, so a lower global supply could also increase Spain's imports from other suppliers. The first effect would be felt in fuels, logistics costs, and transportation, and later it could be passed on to goods and services.
The most exposed sectors are logistics, aviation, and some industrial branches with high fuel consumption. Companies that cannot pass on the higher costs would see their margins reduced, and the European Central Bank would have to assess whether the pressure on prices necessitates maintaining a restrictive monetary policy.
The duration of the restrictions will determine whether the rise is temporary or if it ultimately affects inflation in Spain and the rest of Europe.
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