Oil Prices Today: Brent Crude Climbs to Near Two-Week High at $106.19 as Houthi Attacks on Saudi Arabia and Strait of Hormuz Tanker Strikes Raise Supply Fears

Oil Price Today: Oil markets are facing renewed uncertainty as fresh attacks in Saudi Arabia and growing security risks around the Strait of Hormuz threaten crude supplies from the Middle East. On Monday, October 12, Brent crude climbed to its highest level since September 29, while US oil prices also advanced.

Traders weighed these supply risks against the possibility of additional diesel exports from Russia and a proposed energy ceasefire between Russia and Ukraine.

Brent crude futures rose $1.24, or 1.2%, to $106.19 a barrel by 11:24 GMT. US West Texas Intermediate (WTI) crude gained $1.11, or 1.2%, to $92.96 a barrel. The rise came as concerns over attacks on Saudi Arabia and oil tankers in the Gulf region overshadowed hopes that fresh fuel supplies could ease pressure on the market.

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The latest gains reflect growing concerns about the safety of energy infrastructure and shipping routes across the Middle East. Attacks linked to Yemen’s Houthi movement have increased pressure on Saudi Arabia, while incidents involving tankers near the Strait of Hormuz have raised fresh questions about the reliability of crude exports.

The Houthis claimed responsibility for a Saturday attack on Riyadh’s King Khalid International Airport that reportedly killed 13 people and injured more than 300. Further attacks were reported over the weekend, including a separate incident at the airport that reportedly killed one person and wounded 11.

Any prolonged disruption to Saudi energy facilities or regional shipping could tighten oil supplies and push prices higher. The Strait of Hormuz remains particularly important because it serves as a major route for oil shipments from the Gulf to international markets.

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The latest incidents involving commercial vessels have added to concerns about oil supply routes. The United Kingdom Maritime Trade Operations (UKMTO) reported that a tanker was struck by a drone near Sohar, Oman, while another vessel sustained damage while travelling through the Strait of Hormuz. The agency has also issued warnings about attacks on ships in the region.

SEB commodities analyst Bjarne Schieldrop said the attacks had weakened confidence in the recovery of oil shipments.