Brent Crude Settles at $113 After Tanker Attacks in Strait of Hormuz

December Brent crude rose 4% to settle at $113.17 a barrel, its highest settlement since May 4, while December WTI settled near $99.47. Iranian state TV reported seven tankers damaged or set on fire in the Strait of Hormuz, and the Houthis claimed attacks on Saudi targets.

Higher crude is generally supportive for producers such as Chevron and BP, but it raises fuel costs for airlines including Delta and American Airlines and for delivery companies such as UPS. Airline shares have already faced price-target cuts on fuel concerns.

Reports of possible renewed US and Israeli strikes on Iran after the November 3 midterms added to supply fears. Energy prices remain a key risk for inflation and for the Fed's next steps.