London, 22 October. The price of Brent crude on the ICE exchange rose above $112 a barrel for the first time since 16 May; the market is being driven by new Houthi attacks on Saudi Arabia and reports of tankers hit in the Persian Gulf, TASS and InfoTEK report.
In the morning, Brent futures rose by 2.16% to $111.18 a barrel. A day earlier the Houthis struck Dammam airport and a Saudi oil field, killing three people and injuring eight. The US State Department, according to Reuters, plans to withdraw staff family members from a number of missions in the region.
The naval forces of the Islamic Revolutionary Guard Corps said they had simultaneously struck four vessels transferring oil ship to ship in the northern Persian Gulf, and that three more vessels hit mines west of the Strait of Hormuz. The IRGC calls them "violating vessels" and warns US forces that continued "provocations" will lead to a wider response. US crude inventories fell by 3.06 million barrels in a week to 412.5 million, according to the Energy Information Administration, against analysts' expectations of a 820,000-barrel fall; distillate stocks, including diesel fuel, rose by 1.68 million barrels.
What it means: Oil is returning to its spring highs: escalation around Saudi Arabia and the Strait of Hormuz has again become the main driver of prices. The year's record, $119 a barrel, was set on 9 March.
Who benefits: Oil exporters, including Kazakh ones: the CPC Blend and KEBCO grades are sold at prices linked to Brent. For buyers of oil and oil products expensive oil means higher costs, and for carriers more risk: strikes on tankers push up insurance premiums and freight rates.
Background: Brent's highest price in 2026, $119 a barrel, was reached on 9 March amid escalation in the Middle East.
List of sources used: TASS, InfoTEK, IRNA
Artificial intelligence was used in preparing this material.
