Brent nears $109 as energy strikes widen supply risk

Brent crude hovered near $109 a barrel on Sunday after officials said Ukraine struck energy infrastructure in St. Petersburg and tankers were attacked in the Middle East.

The price level puts oil back near a threshold that can feed into fuel costs, inflation expectations and shipping risk if disruptions last beyond the immediate incidents.

St. Petersburg fires add risk

Officials said fires broke out at an oil terminal and depot in St. Petersburg after Ukraine launched a large wave of drone strikes on Sunday. The reported targets matter because attacks on storage and terminal assets can slow handling even when crude production itself is not directly hit.

The Middle East incidents add a second supply-risk channel for traders already watching maritime routes. The payload did not identify the tankers, the attackers or the scale of damage, leaving the immediate effect on flows unclear.

For global markets, the mechanism is direct: higher crude prices raise input costs for refiners, airlines, freight carriers and consumers. If Brent holds near $109, energy importers face a larger bill; if the attacks do not disrupt exports, the premium can narrow as traders discount the risk.

The next test comes Monday, Oct. 19, when energy traders assess whether the St. Petersburg fires affected loadings and whether Middle East tanker traffic shows fresh delays.