Brent Crude crosses $111 as Saudi attacks fuel oil supply fears

At the time of writing, Brent Crude was trading at $111.63 a barrel, up 2.58%. WTI prices also remained elevated, adding to concerns over the impact of supply disruptions on global markets.Global oil inventories continue to face pressure from supply disruptions, keeping crude prices elevated.New Delhi,Oct 22, 2026 13:05 ISTCrude oil prices rose sharply on Thursday as deadly attacks in Saudi Arabia and rising tensions in the Middle East added to concerns about global oil supplies. Brent Crude climbed to around $111 a barrel, while US West Texas Intermediate (WTI) crude moved towards $99.At the time of writing, Brent Crude was trading at $111.63 a barrel, up 2.58%. WTI prices also remained elevated, adding to concerns over the impact of supply disruptions on global markets.ATTACKS IN SAUDI ARABIA PUSH OIL PRICES HIGHERThe rise in crude oil prices followed a series of attacks in Saudi Arabia. Yemen's Iran-aligned Houthi group struck several targets on Wednesday, killing at least one person and injuring eight others at a civilian airport in Dammam, reported Reuters.Two more people were killed in a drone attack on a Saudi oil field, adding to concerns about the security of energy infrastructure in the region. The US State Department is also planning to withdraw family members from several other US diplomatic missions in the region, US officials told Reuters.Meanwhile, Iranian media reported explosions in Sirik in southern Iran on Wednesday. The nature and origin of the explosions remained unknown.STRAIT OF HORMUZ TENSIONS ADD TO SUPPLY CONCERNS Tensions around the Strait of Hormuz have also added to uncertainty in the global oil market.Iran's Islamic Revolutionary Guard Corps (IRGC) Navy said on Thursday that four vessels involved in illegal oil transfers in the northern Persian Gulf were hit simultaneously and caught fire after being tracked by its forces on Wednesday.The IRGC also said three other vessels had struck mines west of the Strait of Hormuz. It warned the US military that continued provocations could lead to a wider response against its regional bases.The developments have raised concerns about further disruptions to oil shipments through a key route for global energy supplies.SUPPLY DISRUPTIONS KEEP PRESSURE ON CRUDE OILGlobal oil inventories continue to face pressure from supply disruptions, keeping crude prices elevated.With attacks on energy infrastructure and tensions involving Iran, Saudi Arabia and the US continuing to threaten supply routes, traders are watching developments in the region closely.Any further disruption to oil production or shipments could add to the pressure on crude prices, which have already climbed amid concerns over the availability of global supplies.- Ends