NEW YORK, October 22, 2026: Global oil prices surged as much as 4% after deadly attacks in Saudi Arabia heightened concerns over potential supply disruptions amid escalating Middle East tensions, Bloomberg reported.
Brent crude futures rose 4% to settle at $113.17 a barrel, marking their biggest gain in about two weeks, while US West Texas Intermediate (WTI) crude gained 2.4% to close at $99.47 a barrel.
A drone strike on Saudi Aramco’s Shaybah oil field killed two people but did not disrupt operations. An attack at King Fahd International Airport in Dammam also caused casualties, while Yemen’s Houthi rebels claimed attacks on the Saudi port of Yanbu.
The United States ordered some personnel and family members to leave its embassies in Saudi Arabia, reflecting concerns over further regional escalation.
Oil prices have risen more than 80% this year amid supply disruptions linked to the US-Iran war and risks to shipping through the Strait of Hormuz. Although crude exports from the Gulf have recently recovered to pre-conflict levels, shipments of refined products, including diesel and jet fuel, remain constrained.
“Continued kinetic activity and the risk of renewed escalation following the midterms are keeping a floor under prices,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group.
Meanwhile, attacks on shipping and threats to vessels transiting the Strait of Hormuz continue to pose risks to regional oil flows. Disruptions to refined-product supplies, alongside Ukrainian attacks on Russian refineries, have added pressure to diesel markets.
The latest price surge highlights the oil market’s continued sensitivity to geopolitical developments, even as some crude exports recover.
