Brent Surges 4% to $113 as Deadly Saudi Attacks Shake Oil Markets

Global oil prices surged sharply on Thursday (October 22, 2026), as a series of deadly attacks in Saudi Arabia heightened concerns over the security of energy supplies in the Middle East. Brent crude futures for December delivery jumped 4% to settle at $113.17 per barrel, marking their biggest daily gain in roughly two weeks. Meanwhile, West Texas Intermediate (WTI) futures for December delivery rose 2.4% to close at $99.47 per barrel. The rally followed a drone attack on Saudi Aramco's Shaybah oil field that killed two people, although operations at the facility remained unaffected. Another attack at King Fahd International Airport in Dammam also caused casualties, while Yemen's Houthi rebels claimed responsibility for attacks on the Saudi port of Yanbu over the previous 48 hours. The deteriorating security situation prompted the United States to order the departure of some embassy personnel and their family members from Saudi Arabia.

Geopolitical tensions have added further uncertainty to global energy markets, with the conflict between the United States and Iran, which began in late February, showing little sign of resolution. Brent crude prices have reportedly surged more than 80% this year following disruptions to oil shipments from the Persian Gulf. However, crude exports through the Strait of Hormuz have recently recovered to near pre-conflict levels, including shipments from Kuwait, which has maintained deliveries through alternative logistical arrangements and the use of its strategic tanker fleet. Nevertheless, shipments of refined petroleum products, including diesel and jet fuel, continue to face significant constraints. Security risks also remain elevated after Iran's Islamic Revolutionary Guard Corps claimed to have struck four oil tankers accused of violating maritime regulations in the Persian Gulf. Meanwhile, reports of potential renewed US and Israeli strikes against Iran following the US midterm elections in November have intensified concerns that the regional conflict could escalate further.

Pressure on global energy supplies has become increasingly complex as Ukraine steps up attacks on Russian oil-refining facilities, further restricting the availability of petroleum products, particularly diesel. Several governments have begun drawing on strategic energy reserves to ease market tightness, while President Donald Trump's administration is pursuing measures to lower fuel prices ahead of the midterm elections, including a diesel supply agreement with Russia. However, the arrangement has faced opposition from some US lawmakers, who fear it could boost Moscow's revenues amid the ongoing war in Ukraine. Russia has reportedly begun implementing the agreement, preparing to ship approximately 40,000 metric tons of diesel, equivalent to around 300,000 barrels, to the United States. Despite efforts to stabilize supplies, global oil markets remain vulnerable to attacks on energy infrastructure, disruptions along critical shipping routes, and rising transportation costs. These risks could keep crude prices volatile even as oil exports from the Persian Gulf gradually recover. (mrv)

Source: Newsmaker.id