Business · Energy & Commodities · 4 hrs ago
Oil hits five-month high as attacks threaten Middle East supply
Brent crude rose to a five-month high, reaching more than $112 a barrel on Thursday as tensions spread across the Gulf.
Yemen’s Iran-aligned Houthis attacked targets in Saudi Arabia, killing four people, while Iran said seven vessels were hit or damaged near the Strait of Hormuz; the ship incidents were not independently confirmed.
The Strait of Hormuz is a key route for global oil shipments, so attacks there can threaten deliveries and push prices higher.
Oil exports from the Persian Gulf have risen above prewar levels, but recent attacks and warnings of further escalation have kept markets worried about supply.
Higher oil prices can add to inflation and borrowing costs, and stock markets in Europe and Asia fell on Thursday.
Mediators are trying to restart talks between the United States and Iran, while the United States is sending more military forces to the region.
Oil prices reached a five-month high on Thursday as attacks on Saudi targets and incidents involving tankers raised concerns about Middle East supply.
Brent crude rose above $112 a barrel during trading, while another report put its Thursday settlement price at $113.17.
Yemeni Houthi attacks in Saudi Arabia on Wednesday killed four people and wounded eight others, according to the Guardian.
Iran’s Revolutionary Guard said vessels were hit or caught fire in the Gulf and near the Strait of Hormuz; the AP said it could not independently confirm the claims.
Oil exports from the Persian Gulf have recovered above prewar levels, according to Kpler data cited by the Guardian.
- Who
- Oil markets, amid attacks involving the Houthis, Iran and commercial vessels.
- What
- Oil prices reached a five-month high as attacks and tanker incidents raised concerns about supply disruptions.
- When
- Thursday, October 22, 2026; the reported attacks took place on Wednesday and overnight.
- Where
- Saudi Arabia and the Gulf region, including the Strait of Hormuz.
- Why
- Concerns that regional conflict could escalate and disrupt crude supplies.
This story does not have two clearly opposing sides.
The war began with U.S. and Israeli attacks on Iran, according to the AP.
U.S. President Donald Trump rejected Iran’s seven-day proposal to end the war and open the strait, the AP reported.
Houthi attacks struck targets in Saudi Arabia, while Iran’s Revolutionary Guard reported attacks on vessels.
Oil prices reached a five-month high amid concern about further supply disruptions.
- Brent intraday price
- Above $112 a barrel, up 3% (Guardian)
- Brent settlement price
- $113.17 a barrel, up 4% (Al Eqtisadiah)
- Houthi attack casualties in Dammam
- 2 killed and 8 wounded
- Additional Saudi oilfield attack casualties
- 2 killed
- Regional crude exports
- About 17 million barrels a day last week, according to Morgan Stanley analysts
7 sources
Latest Oil Market News and Analysis for Oct. 23
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What people are saying
Netanyahu wants to attack Iran, that’s not even a question
in general terms, I believe we are on a one way towards another kinetic escalation