Oil Prices Hit Five-Month High Amid Middle East Tensions

Oil Prices Hit a Five-Month High as Middle East Tensions Raise Supply Concerns

Oil prices climbed to their highest levels in five months on Thursday, 22 October 2026, as escalating attacks in the Middle East raised concerns about disruptions to crude supplies. Brent crude futures settled at $113.17 per barrel, up 4%, while US West Texas Intermediate (WTI) crude rose 2.4% to $99.47 per barrel. The escalation followed Houthi attacks on Saudi Arabia, prompting fresh concerns about the security of oil facilities and critical maritime routes.

October 23, 2026

Brent crude rises to its highest close since May

According to reports, Brent’s latest settlement was its highest since 4 May 2026. WTI also climbed sharply, reflecting concerns that further escalation could tighten global oil supplies.

On Friday, 23 October, prices extended their gains. Brent rose 0.7% to $113.96 per barrel after touching $114.72, its highest level in more than five months. WTI advanced 1.1% to $100.57 per barrel.

Brent was heading towards its third consecutive weekly rise, with a gain of nearly 4% for the week, while WTI was on course for a weekly decline of around 0.8%.

Middle East attacks fuel fears of supply disruption

Saudi Aramco ordered staff to evacuate its headquarters in Dhahran on Thursday as fighting intensified between Saudi Arabia and the Houthis. The group has also moved towards Bab el-Mandeb, a strategic shipping chokepoint at the entrance to the Red Sea.

Attacks on Saudi infrastructure and vessels in the Strait of Hormuz have added to concerns about the reliability of oil shipments. Although Middle Eastern crude exports have recovered close to pre-war levels, the threat of renewed disruption continues to support prices.

Regional crude exports stood at around 17 million barrels per day last week, compared with an average of approximately 18 million barrels per day during the 12 months before the Iran war.

Libya pipeline shutdown adds to supply concerns

Supply risks have also emerged in Libya, where a pipeline valve connecting the Hamada and Tahara oilfields to Zawiya port was shut. The closure reduced production at both fields and added another concern for an already unsettled oil market.

Meanwhile, a Malta-flagged tanker carrying 40,000 metric tonnes of Russian diesel was heading towards New York on Friday, according to shipping data. Russia had agreed to lift its self-imposed diesel export ban to help supply global markets and ease fuel prices.