Oil prices climb as Saudi attacks heighten supply concerns
Oil & Gas Journal ·
Oil prices rose more than 3% on Oct. 23, with Brent crude futures climbing above $117/bbl, their highest level since late April, while US benchmark West Texas Intermediate advanced...
Oil prices rose sharply Oct. 23 as escalating attacks on Saudi Arabian energy infrastructure and mounting threats to Middle East shipping heightened concerns over further supply disruptions.
Oil prices rose more than 3% on Oct. 23, with Brent crude futures climbing above $117/bbl, their highest level since late April, while US benchmark West Texas Intermediate (WTI) advanced above $103/bbl. Brent was on track for a third consecutive weekly gain, reflecting a growing geopolitical risk premium amid continued regional hostilities.
Market concerns intensified following attacks by Yemen's Houthi movement on Saudi targets, including energy infrastructure and airports. On Oct. 21, Saudi air defenses intercepted a drone targeting a processing plant at Saudi Aramco's Shaybah oil field. Falling debris caused a fire in a contractor's vehicle, killing two people and injuring two others, according to the Saudi Energy Ministry. Operations at the field were unaffected.
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