Oil Prices Surge Amid Houthi Attacks on Saudi Arabia, Heightening Supply Concerns; Brent Approaches $116
Crude oil prices surged on Friday, with Brent crude surpassing $115 a barrel amid escalating tensions in the Middle East. Attacks on Saudi energy infrastructure and increasing threats to shipping in the Gulf have raised concerns about potential supply disruptions. Brent futures rose by 86 cents, or 0.75%, reaching $115.74 a barrel, while US West Texas Intermediate (WTI) climbed 72 cents, or 0.71%, to $102.72.
Brent is on track for a nearly 14% increase in October, while WTI is set to rise around 15%. Both benchmarks are poised for their largest monthly gains since July. The recent price hikes follow claims by Yemen’s Iran-aligned Houthi group of attacks on key Saudi oil facilities, including the Ras Tanura and Rabigh refineries, as well as an Aramco facility in Abqaiq. A Saudi-led coalition reported intercepting a cruise missile aimed at the kingdom.
Peace overtures fail to ease tensions
Diplomatic efforts between Washington and Tehran have not alleviated market anxieties. US President Donald Trump announced that Vice President JD Vance reached out to Iran to assist with medical supplies, following reports of a letter sent to Iran’s top security official aimed at restarting negotiations. Iran has acknowledged receipt of the letter but has not responded, insisting that the US must accept its conditions.
In addition, Iran’s Revolutionary Guards reported that three tankers struck sea mines and caught fire while navigating an unauthorized route near the Strait of Hormuz. This incident has intensified security concerns regarding maritime traffic in the region. The rising risks have led ExxonMobil and Chevron to cancel plans for their executives to attend the UAE’s largest oil exhibition next week.
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