Oil prices rose sharply on Friday, with Brent crude reaching its highest level since late April amid mounting concerns over Middle East energy supply disruptions, Reuters reported. Brent crude futures gained $3.18, or 2.81%, to settle at $116.35 a barrel by 18:06 GMT, after touching a session high of $117.45, marking its highest price in nearly six months. US West Texas Intermediate crude rose $3.50, or 3.52%, to $102.97 a barrel.
Market movement followed intensified conflict between Saudi Arabia and Yemen-based Houthi forces. Adam Turnquist, chief cross-asset strategist for LPL Financial, stated that supply disruption fears mounted after Houthi forces conducted attacks across Saudi Arabia targeting energy infrastructure. Saudi Aramco ordered an evacuation of its headquarters in Dhahran near Bahrain on Thursday.
In the United Arab Emirates, the Ministry of Climate Change and Environment announced that an oil spill originating from a tanker was detected off the coast of Umm Al Quwain. The ministry did not disclose the cause of the leak, and authorities have not released the identity of the vessel involved.
Maritime security risks have escalated in Gulf waters, according to shipping industry accounts. Sources indicated that the supertanker Gem No. 2 was hit by an unidentified projectile on October 9, approximately 13 nautical miles (24 kilometres) west of Al Jazeera in the UAE. Andrew Lipow, president of Lipow Oil Associates, noted growing market apprehension over repeated attacks on commercial tankers in the region.
Sources
- Nikkei Asia · 2026-10-23
