Oil Prices Hit Five-Month High Despite Rising Supply

Oil prices surged over three percent to exceed $112 per barrel, a five-month high, following drone attacks on a Saudi oil field that killed two people, despite stable supply. The Saudi energy ministry said field operations were unaffected, but renewed Houthi attacks signal escalation risk. Tanker incidents reached 32 this month versus 16 in all of September, according to UKMTO data. Gulf crude exports have surpassed pre-war levels, and the IEA is releasing emergency reserves faster, while the U.S. eased diesel sanctions on Russia—factors that would normally lower prices.