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Brent crude hits new high as Middle East conflict escalates

Published : Thursday, 22 October, 2026 at 8:26 PM

Observer Online Report

Collected Photo

Global crude oil prices surged to a five-month high on Thursday (October 22) following attacks in Saudi Arabia and strikes on oil tankers in the Strait of Hormuz, raising severe concerns over potential supply disruptions in international energy markets.

Brent crude, the international benchmark for oil prices, jumped by 3 per cent to settle at $112 per barrel, reaching its highest level since May 18.

The price escalation followed multiple attacks launched on Wednesday by Yemen's Iran-aligned Houthi rebels targeting locations in Saudi Arabia. A strike on a civilian airport in Dammam left two people dead and eight others injured, while a separate drone attack on a Saudi oilfield killed two more individuals.

Concurrently, Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed responsibility for striking and setting fire to four tankers engaged in what it termed "illegal" oil transfers in the northern Persian Gulf region.

The IRGC also reported that three vessels collided with naval mines west of the Strait of Hormuz. Tehran issued a fresh warning to Washington, stating that broader military action could be taken against US military bases across the Middle East if provocations persist.

In response to heightening security risks, the United States ordered the evacuation of non-essential diplomats and their family members from several diplomatic missions in Saudi Arabia, with plans to relocate families from other Middle East posts. Additionally, state-owned energy giant Saudi Aramco instructed employees at its Dhahran headquarters to evacuate and work remotely, according to news agency Reuters.

Tensions across the region continue to fuel fears of a broader conflict. Nearly eight months ago, an effective Iranian blockade in the Strait of Hormuz severely disrupted global energy supplies, triggering fears of the largest supply crunch in energy history.

Following earlier joint strikes on Iran by the United States and Israel, oil prices crossed $100 per barrel during the initial weeks of the conflict. As tanker traffic through the Strait of Hormuz ground to a halt, some market analysts projected prices could climb as high as $150 per barrel.

-SA

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Editor : Iqbal Sobhan Chowdhury

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