Oil prices rise 1.5% on Middle East supply fears
- Brent crude futures rose $1.61 to $110.40 per barrel, while U.S. West Texas Intermediate (WTI) gained $1.45 to $99.27 as of 06:30 GMT on Wednesday, October 21, 2026.
- Maritime security concerns intensified following reports of at least 18 vessel attacks over two weeks, alongside Houthi claims of attacks on Saudi energy facilities.
- American Petroleum Institute data cited by market sources showed U.S. crude inventories falling 4.9 million barrels in the week ended October 16, adding support to oil prices.
Oil prices climbed more than $1 on Wednesday as escalating Middle East tensions heightened concerns about supply disruptions, while declining U.S. inventories supported crude futures.
Brent crude increased $1.61, or 1.5%, to $110.40 per barrel at 06:30 GMT, while U.S. WTI gained $1.45 to $99.27.
Prices had retreated in the previous session following reports of mediation efforts involving Iran and Pakistan, although uncertainty surrounding potential diplomatic progress persisted.
DBS energy research head Suvro Sarkar attributed recent volatility to profit-taking, hopes for a negotiated settlement and continued declines in U.S. crude inventories.
Shipping security concerns intensified after Kpler reported at least 18 vessel attacks over two weeks, with threats extending beyond the Strait of Hormuz.
The Houthis claimed attacks on Saudi energy facilities, including Yanbu and Shaybah, while U.S. officials worked with international refiners to address tightening diesel supplies.
American Petroleum Institute figures cited by market sources indicated U.S. crude inventories fell 4.9 million barrels last week, reinforcing concerns about available supply.
