Oil prices hit five-month high amid Middle East attacks

Summarised from 3 outlets · Updated 23 Oct, 10:20 · Archive

Brent crude rose above $114 a barrel as attacks on tankers and Saudi energy infrastructure escalated regional tensions.

Oil prices reached their highest level in five months as military action escalated in the Middle East, with Brent crude rising to above $114 a barrel and US West Texas Intermediate crude above $100. The spike followed attacks by Yemen's Iran-aligned Houthis on Saudi energy infrastructure, which killed four people, and claims by Iran's Islamic Revolutionary Guard Corps that it struck vessels in the northern Gulf and that three more collided with mines west of the strait of Hormuz.

Saudi Aramco ordered staff to evacuate its headquarters in Dhahran and work remotely as the conflict intensified. The US ordered some diplomats and family members to leave their missions in Saudi Arabia and planned to withdraw family members from other Middle East missions. Energy analysts linked the price surge to risk premiums being added over escalation fears, and noted that reports suggested Washington and Israel had drawn up plans for renewed military action against Iran.

Energy companies benefited from rising crude prices: Shell shares rose 0.8 per cent and BP gained 1.6 per cent. Despite the oil price surge, London's main stock markets opened largely unchanged, with the FTSE 100 standing at 10,727.92 and the FTSE 250 at 24,220.53.

How it is being reported

• U.S. oil holds above $100, Brent at five-month high as Iran says it’s prepared for warfareU.S. President Donald Trump accused Iran on Thursday of trying to manipulate the oil market.CNBC · 23 Oct, 10:02
• Oil prices hit five-month high as Middle East conflict fears intensifyOil prices climbed to their highest level in five months on Friday as tensions intensified across the Middle East. Brent crude rose above $114 a barrel, increasing concerns about higher fuel and transport costs. December Brent futures reached $114.64 a barrel after jumping four per cent on Thursday. US West Texas Intermediate crude also rose above $100. The rally followed further attacks by Yemen's Iran-aligned Houthis on Saudi energy infrastructure. Saudi Aramco ordered staff to evacuate its headquarters in Dhahran as the clashes escalated, according to Reuters. Analysts at energy advisory…GB News · 23 Oct, 09:58
• Oil prices jump to five-month high as attacks threaten global supplyIran’s IRGC says it hit four vessels in the northern Gulf and three more struck mines near the strait of Hormuz Shipping workers: how is the Middle East conflict affecting you? Business live – latest updates Oil prices jumped to a five-month high on Thursday after attacks in Saudi Arabia and hits to tankers in the strait of Hormuz threatened further disruptions to the world’s crude supply. Brent crude, the international benchmark for oil prices, rose by 3% to hit $112 a barrel for first time since 18 May. Continue reading...The Guardian · 22 Oct, 12:28

In this story: Iran · Saudi Arabia · Yemen · Houthis · Saudi Aramco · IRGC

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