Brent crude rises to $117 amid Houthi attacks on Saudi oil infrastructure
Global oil prices climbed to their highest level in nearly six months following a series of Houthi attacks on Saudi Arabia. Brent crude rose to $116.72 per barrel, while U.S. West Texas Intermediate (WTI) surpassed $103 amid concerns over further supply disruptions in the Middle East.
According to Reuters, Brent gained 3.14%, or $3.55, on October 23, 2026, reaching its highest closing price since April 29. WTI climbed 3.8% to $103.27 per barrel.
Over the week, the benchmarks rose 6% and 2.3%, respectively. Reports of tanker incidents in the Persian Gulf and reduced oil production in Libya added further pressure to energy markets.
Houthi attacks heighten fears of supply disruptions
Iran-backed Houthi forces carried out a series of attacks in Saudi Arabia, including strikes on energy infrastructure. As the conflict escalated, Saudi Aramco ordered the evacuation of employees from its headquarters in Dhahran.
"Supply disruption concerns have been driving prices higher," said Adam Turnquist, chief technical strategist at LPL Financial.
The situation was further complicated by reports of an oil spill from a tanker off the coast of Umm Al Quwain in the United Arab Emirates. Authorities have yet to determine the cause of the incident or identify the vessel.
Market participants are also concerned about shipping security in the Strait of Hormuz. According to analysts, October has seen the highest number of attacks on commercial vessels in the region since records began in 2017.
U.S. President Donald Trump said Washington could bring the war with Iran to a swift conclusion but also suggested that the conflict could gradually wind down.
U.S. and Germany tap oil reserves
The U.S. Department of Energy authorized the emergency release of up to 400,000 barrels of oil from the Strategic Petroleum Reserve to address supply disruptions at a Phillips 66 refinery in Louisiana.
U.S. strategic oil reserves are already at their lowest level since 1982. Germany also announced a tender to sell diesel, fuel oil and crude oil from government stockpiles.
Meanwhile, the United States is expanding measures to support domestic energy production. The Trump administration invoked the Defense Production Act, extending its application to oil production and refining.
The move allows the oil industry to be treated as critical to national security and could provide access to federal financial incentives. Authorities aim to support fuel supplies amid rising prices.
Earlier, we reported that India increased its oil purchases from the Middle East as imports from Russia declined. The shift in sourcing reflects changing trade flows across the global energy market.
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