Oil prices climbed in early trade on Friday as attacks on Saudi Arabia by Yemen’s Iran-aligned Houthi movement heightened fears of disruption to global energy supplies.
Brent crude futures rose 86 cents, or 0.75%, to $115.74 a barrel, while US West Texas Intermediate crude gained 72 cents, or 0.71%, to $102.72. Brent is on course to finish October nearly 14% higher — a fourth consecutive monthly gain — with WTI heading for a rise of about 15%.
On Thursday the Houthis said they had attacked several sites in Saudi Arabia, including the Ras Tanura refinery — the kingdom’s largest — the Rabigh refinery and an Aramco facility at Abqaiq. A Saudi-led coalition said it had intercepted a cruise missile launched towards the kingdom’s western region.
“Continued kinetic action around the Strait of Hormuz amidst doubts of a viable diplomatic pathway are keeping oil prices elevated in expectation of an escalation of the conflict in coming weeks,” said Saul Kavonic, head of energy research at MST Marquee.
The price rise came despite fresh diplomatic movement. President Donald Trump said on Thursday that Vice President JD Vance had reached out to Iran over medical supplies, after US media reported Vance had written to Tehran’s top security official in an effort to revive peace talks. Iran’s semi-official Tasnim news agency reported that Tehran had received a letter from Vance but had not yet responded.
Iran’s Revolutionary Guards separately said three tankers had struck sea mines and caught fire while using an unauthorised route south of the Strait of Hormuz — a claim reported by Reuters that underlines how fragile shipping through the strait remains.
Amid the security concerns, ExxonMobil and Chevron have cancelled plans for their executives to travel to the United Arab Emirates’ biggest oil show next week, two sources familiar with the matter told Reuters.
Sources: Reuters — “Oil rises on supply concerns as Houthis attack Saudi Arabia” (30 Oct 2026).
