Oil Prices Rise as Hormuz Ship Attacks and Saudi Aramco Strike Lift Brent Crude

TLDR

• Brent crude rose 14 cents to $105.83 a barrel, and WTI gained 57 cents to $94.71.
• Houthi rebels hit a Saudi Aramco building in Dhahran, causing a limited fire.
• Ships were struck near the Strait of Hormuz, and one container ship sank after hitting a mine.
• Iranian officials told Reuters they are using new tactics to target ships and keep prices high.
• Trump said Russia agreed to supply diesel, but the IEA expects little change in the market.

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Oil prices edged higher on Wednesday after new attacks on ships near the Strait of Hormuz and a strike on Saudi Aramco’s headquarters. Brent crude futures rose 14 cents to $105.83 a barrel by 0938 GMT.

U.S. West Texas Intermediate crude gained 57 cents to $94.71. Both contracts climbed more than $1 in early trade, and WTI hit a two-week high of $95.41.

Attacks on Saudi sites and ships

Houthi rebels attacked an administrative building belonging to Saudi Aramco in Dhahran, Saudi Arabia’s energy ministry said. The strike caused a limited fire.

🇸🇦🇾🇪 Houthi missiles hit Saudi Aramco’s headquarters, setting part of the oil giant’s office complex in Dhahran on fire.

Luckily nobody was hurt, but the missiles kept coming, with more shot down over Dhahran and other cities and shrapnel raining down on a neighborhood.

This… pic.twitter.com/783qu8kYIw

— Mario Nawfal (@MarioNawfal) October 14, 2026

The Houthis have fired ballistic missiles and drones at Saudi Arabia over the past week. Reuters reported the attacks are in retaliation for the kingdom’s support of Yemeni government forces.

Riyadh’s international airport has been hit four times. A strike on Saturday killed 13 people, and Saudi authorities briefly shut the airport earlier this week.

Saudi-led coalition forces launched a new offensive in Yemen earlier this month. It aims to retake Houthi-held areas, including land near the Bab el-Mandeb Strait, a key oil shipping route.

In the Strait of Hormuz, the United Kingdom Maritime Trade Operations authority said a container ship and a tanker were hit by unknown projectiles on Tuesday. Reports this week said at least two ships were struck.

Iran’s Revolutionary Guards Navy said a container ship sank south of the strait after hitting a naval mine and catching fire. Iran has largely closed the waterway for months.

Before the war, roughly a fifth of the world’s oil and liquefied natural gas moved through Hormuz. The war began in late February with a joint U.S. and Israeli assault.

Market reaction and supply outlook

Iranian officials told Reuters they are using new tactics to target ships. One said the approach began about 10 days ago, and officials declined to give details.

Reuters reported the aim is to keep oil prices high and influence the U.S. midterm elections in November. Polls suggest Republican candidates may face voter backlash over the energy shock.

UBS analyst Giovanni Staunovo said the attacks are supporting prices because traders worry about lower exports from the region. He added that exports have held up so far.

President Donald Trump said last Friday that Russia agreed to supply diesel to global markets. His administration temporarily lifted U.S. sanctions on Russian fuel.

Nissan Securities strategist Hiroyuki Kikukawa said higher Russian diesel exports should limit sharp price moves. The International Energy Agency said a lack of working Russian refinery capacity means little change is expected, and tight diesel supply could last into next year.

Investors are also watching the U.S. Gulf Coast, where a hurricane took more than 60% of production offline. Deutsche Bank analysts expect a strong September U.S. consumer price index reading.

Brent traded at $105.83 a barrel and WTI at $94.71 at 0938 GMT on Wednesday. The U.S. inflation report is due later today.