Business · Energy & Commodities · 1 hr ago
Oil prices rise amid attacks in Saudi Arabia and Strait of Hormuz risks
Oil prices rose as traders weighed risks to supplies from the Middle East.
Brent crude settled at $106.06 a barrel, while US benchmark WTI closed at $95.09.
Saudi authorities said an attack on a Saudi Aramco administrative building in Dhahran caused a limited fire, with no deaths reported.
Iran’s Revolutionary Guard naval force said a cargo ship sank after striking a naval mine in the Strait of Hormuz.
The incidents renewed concerns about energy infrastructure and shipping, even though the reports did not say Saudi oil production had stopped.
Expectations of more diesel supplies from Russia may help ease tightness and limit further price increases.
The International Energy Agency expects global oil demand to fall by 2.6 million barrels a day in 2026, a deeper decline than it previously forecast, citing the Iran war, higher fuel costs and weaker economic prospects.
Oil futures rose on Wednesday, October 14, as attacks in Saudi Arabia and risks to shipping through the Strait of Hormuz raised concerns about supply.
Brent settled at $106.06 a barrel and WTI at $95.09.
A Saudi Aramco administrative building in Dhahran was targeted on Tuesday night, causing a limited fire, according to Saudi authorities.
A cargo ship sank after hitting a naval mine in the Strait of Hormuz, Iran’s Revolutionary Guard naval force said.
In early trading on Thursday, prices fell as the US considered easing some sanctions on oil-carrying vessels.
- Who
- Oil futures traders and oil-market participants.
- What
- Oil prices rose amid attacks in Saudi Arabia and risks to shipping through the Strait of Hormuz, before falling in early trading on Thursday.
- When
- Wednesday, October 14, with an early-trading decline on Thursday, October 15.
- Where
- Saudi Arabia and the Strait of Hormuz.
- Why
- Attacks and fears of supply disruption supported prices; expectations of additional Russian diesel flows and possible US sanctions relief weighed against that pressure.
This story does not have two clearly opposing sides.
A Saudi Aramco administrative building in Dhahran was targeted, and a limited fire followed.
Brent and WTI futures closed higher amid Middle East tensions and supply concerns.
A cargo ship sank after hitting a naval mine in the Strait of Hormuz, according to Iran’s Revolutionary Guard naval force.
Brent and WTI fell as the US considered easing sanctions on some oil-carrying vessels.
- Brent settlement
- $106.06 a barrel on October 14
- WTI settlement
- $95.09 a barrel on October 14
- Dhahran incident
- Saudi Aramco administrative building targeted; limited fire reported
- Thursday early trading
- Brent fell 1.31% to $104.67 a barrel
- Thursday early trading
- WTI fell 1.07% to $94.07 a barrel
3 sources
What people are saying
Short-term futures seem to be pricing in a higher probability of a major military conflict returning to Iran
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