Oil prices jump $2 as Brent reaches $111.64
- Brent crude rose $2.82, or 2.59%, to $111.64 per barrel on October 22, 2026, following renewed Houthi attacks in Saudi Arabia.
- US West Texas Intermediate crude gained $2.24, or 2.31%, to $99.39 per barrel, while US crude inventories fell by 3.06 million barrels.
- Concerns over further Middle East supply disruptions supported prices, while the US considered emergency heating oil reserve loans to address fuel shortages.
Brent crude rose $2.82, or 2.59%, to $111.64 per barrel Thursday as attacks in Saudi Arabia raised supply concerns.
US West Texas Intermediate crude gained $2.24, or 2.31%, to $99.39, while Brent approached a five-month high.
“Oil prices remain well bid, with ICE Brent back above $110 per barrel this morning following additional deadly attacks on Saudi Arabia,” ING analysts said.
Houthi strikes reportedly killed three people and injured eight in Saudi Arabia, while Iranian authorities reported maritime incidents near the Strait of Hormuz.
Further regional disruptions could affect crude shipments, while the US offered emergency heating oil reserve loans to address diesel shortages.
US crude inventories fell 3.06 million barrels to 412.5 million, exceeding expectations for an 820,000-barrel decline, according to the Energy Information Administration.
Distillate inventories rose 1.68 million barrels to 104.3 million, while Russia and Ukraine indicated support for renewed US-mediated peace negotiations.
