Oil prices rise 1% on Middle East supply fears
Key points
- Oil prices rose more than 1% on Friday, October 23, 2026, with Brent crude reaching $114.47 per barrel and U.S. West Texas Intermediate climbing to $100.84.
- Houthi attacks in Saudi Arabia and the evacuation of Saudi Aramco's Dhahran headquarters heightened concerns about disruptions to Middle Eastern crude supplies.
- A pipeline shutdown affecting oilfields in Libya added to supply concerns, while Brent headed for its third consecutive weekly gain.
Oil prices rose more than 1% on Friday as Houthi attacks in Saudi Arabia heightened concerns about further disruptions to energy supplies from the Middle East.
Brent crude futures gained $1.30, or 1.2%, to $114.47 per barrel at 0639 GMT, while U.S. West Texas Intermediate rose $1.37, or 1.4%, to $100.84.
“Markets are increasingly worried about renewed escalation in the Persian Gulf,” ING analysts said, warning that potential disruptions could keep a geopolitical risk premium in crude prices.
Saudi Aramco ordered the evacuation of its headquarters in Dhahran on Thursday as fighting intensified between Saudi Arabia and Yemen-based Houthi forces.
Brent was heading for its third consecutive weekly gain, while WTI was on course for a second straight weekly increase.
Fighting around the Bab el-Mandeb shipping passage raised concerns about regional oil transportation, while a pipeline valve shutdown reduced production at Libya's Hamada and Tahara oilfields.
Brent settled at $113.17 per barrel on Thursday, its highest closing level since May 4, following a 4% increase driven by mounting supply concerns.
