We experimentally investigate an optical frequency standard based on the 2S1/2 (F =0 )→ 2F7/2 (F =3 ) electric octupole (E 3 ) transition of a single trapped 171Yb+ ion. For the spectroscopy of this strongly forbidden transition, we utilize a Ramsey-type excitation scheme that provides immunity to probe-induced frequency shifts. The cancellation of these shifts is controlled by interleaved single-pulse Rabi spectroscopy, which reduces the related relative frequency uncertainty to 1.1 ×10-18. To determine the frequency shift due to thermal radiation emitted by the ion's environment, we measure the static scalar differential polarizability of the E 3 transition as 0.888 (16 )×10-40 J m2/V2 and a dynamic correction η (300 K )=-0.0015 (7 ) . This reduces the uncertainty due to thermal radiation to 1.8 ×10-18. The residual motion of the ion yields the largest contribution (2.1 ×10-18 ) to the total systematic relative uncertainty of the clock of 3.2 ×10-18.