Oil Hits $110 for the First Time Since May
Traders repriced risk after attacks on shipping and refineries deepened concerns that global supply could tighten further, with Brent up 3.7% on the week, analysts said.
- On Wednesday, October 21, 2026, Iranian-supported Houthis launched drone attacks on Saudi Aramco's Shaybah oil field and King Fahd International Airport in Dammam, killing three people and wounding eight others.
- Iranian-Supported Houthis have frequently targeted Saudi Arabia in recent weeks, heightening concerns that escalating Middle East hostilities could further disrupt global energy supplies.
- Following the attacks, the United States State Department ordered non-emergency personnel and families to leave Saudi Arabia, with spokesperson Tommy Pigott citing 'hostilities' and 'severe travel disruptions' as reasons.
- Global oil prices rose on Thursday as Brent crude traded near $111 a barrel and West Texas Intermediate crude moved above $99 per barrel.
- Despite security risks, crude exports from the Persian Gulf have climbed to near pre-conflict levels as tankers increasingly bypass the Hormuz Strait, though traffic through the waterway remains below previous levels.
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216 Articles
Oil prices reached new five-month peaks on Thursday
Brent exceeded $110 after an attack on a Saudi oil field. Gasoline averages $4.26 a gallon in the US and $4.40 in DC.
Attacks on eastern Saudi Arabia leave 3 dead
Saudi Arabia's state-run news agency says three people were killed following a series of attacks targeting an oil-related facility and an international airport in the country's east. The latest development comes as Saudi Arabia continues to exchange fire with Yemen's anti-government Houthi forces.
Houthi attacks on Saudi Arabian territory have intensified, triggering concerns in the US which immediately asked its diplomats to leave the country.
Oil prices rose sharply on Thursday, with Brent crude hitting a five-month high of $112 a barrel, as investors reacted to growing concerns about a further escalation of the Middle East conflict, especially after reports of new attacks in the Persian Gulf and possible US-Israeli plans for another military operation against Iran.
The price of oil has increased by 3%, reaching 112 dollars per barrel, the highest level in the last five months. Evolution is driven by the intensification of attacks in the Middle East and fears about disrupting global supply of oil.
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