Oil Prices Today: Brent Rises on Houthi Attacks and Gulf Ship Strikes

TLDR

• Brent crude rose to $111.05 a barrel on Tuesday, the highest since May.
• Houthis claimed attacks on Saudi energy, airport and military sites, but Saudi authorities have not confirmed them.
• Kpler said at least 18 vessels were reportedly attacked in the Gulf over two weeks.
• Gulf crude flows had recovered to about 80% of pre-war levels, but ANZ warns of a new slowdown.
• US West Texas Intermediate reached $104.94, its highest since September.

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Oil prices rose on Tuesday, and Brent crude reached a five-month high. Traders are pricing in risks tied to Houthi attacks on Saudi Arabia and reported strikes on ships in the Gulf.

Brent futures climbed to $111.05 a barrel, the highest level since May. By 0810 GMT, they traded at $110.80, up $1.25 or 1.1%.

US West Texas Intermediate crude rose as high as $104.94, its highest since September. It was last at $104.80, up $1.14 or 1.1%.

Houthi Attacks Target Saudi Sites

Yemen’s Iran-aligned Houthis said on Monday they launched several attacks on Saudi energy, airport and military targets. They named an Aramco site in Yanbu and the Shaybah oilfield.

Saudi Arabia’s main airport will curtail air travel until further notice after continued attacks from Houthi rebels prompted the government to extend restrictions, effectively cutting off Riyadh’s main entry point for airlines. https://t.co/5Xml58pflp

— Bloomberg (@business) October 19, 2026

The group also claimed strikes on King Khalid International Airport in Riyadh and Abha airport. Saudi authorities did not immediately confirm the claims.

Reuters could not independently verify the Houthi statements. Saudi Arabia has been aligned with Yemen’s internationally recognized government forces.

Those forces began an offensive earlier this month to retake Houthi-controlled territory. On Monday, a Houthi attack on a training camp in Shabwa province killed 58 people and injured more than 200.

The renewed attacks raised fears about regional stability. They also kept oil prices above $100 a barrel, and Saudi Aramco shares were down about 1% on Tuesday.

Shipping Risks Around Hormuz

Shiptracker Kpler said at least 18 vessels were reportedly attacked over two weeks. It said this keeps the risk premium in oil prices intact.

Iran’s Islamic Revolutionary Guard Corps claimed an oil tanker hit a naval mine and caught fire in the Strait of Hormuz. The claim could not be independently verified.

The National reported the vessel was allegedly using an unauthorised route. It was unclear whether the incident was linked to a U.S.-backed shipping corridor along Oman’s coast.

Brent dipped on Monday on reports that the US and Iran may have reached a breakthrough in mediated talks. Deutsche Bank analysts said the drop was short-lived, after Iran’s First Vice President said the country had “no choice but to exercise sovereignty” over the strait.

Hormuz has been largely shut since a joint US-Israeli assault on Iran began in late February. Shipping data showed signs of recovery last month, and US Energy Secretary Chris Wright said Gulf crude flows had returned to about 80% of pre-war levels. Refined-product shipments stayed constrained.

ANZ analysts warned that the rebound is under threat. Preliminary data points to another slowdown due to attacks on ships in the Gulf.

ING analysts said the risk premium would likely fade slowly if flows continue uninhibited. They said there were no signs of that yet.

In the US, analysts expected crude stockpiles and product inventories to have fallen last week, a preliminary Reuters poll showed. Brent was trading around $111.46 in real-time data on Tuesday morning.