We experimentally investigate an optical frequency standard based on the (2)S1/2(F=0)→(2)F7/2(F=3) electric octupole (E3) transition of a single trapped (171)Yb+ 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 E3 transition as 0.888(16)×10(-40) J m(2)/V(2) 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).