Brent crude nears $110 as Middle East attacks stoke supply fears

Oil prices rose on Tuesday, October 20, approaching a five-month high as traders priced in geopolitical risk following Houthi attacks on Saudi infrastructure and reported vessel strikes in the Persian Gulf. Brent crude futures increased by 55 cents, or 0.50%, to $110.10 per barrel, after reaching $110.70 earlier, the highest since May 20. US West Texas Intermediate (WTI) rose 0.24% to $103.91. At least 18 tankers have been attacked in the past two weeks, keeping risk premiums elevated. Yemen's Iran-aligned Houthis claimed Monday they struck Saudi energy, airport, and military targets, including an Aramco facility in Yanbu and the Shaybah oil field. Analysts at ING noted risk premiums may ease only if oil flows continue unimpeded, with no signs of that yet.