Brent crude reached $111.05 a barrel on Oct. 20, its highest price in five months, as Houthi claims of attacks on Saudi targets and reports of vessel strikes in the Gulf raised concerns about oil supplies.
Yemen’s Iran-aligned Houthi movement said it had targeted energy, airport and military sites. These included an Aramco facility in Yanbu and the Shaybah oilfield. Saudi authorities had not confirmed the claims.
Reuters said it could not verify them independently. Brent was later trading at $110.80, up 1.1%. The U.S. benchmark West Texas Intermediate rose as high as $104.94.
The price changes reflected an added cost linked to political risks. Traders were considering whether further attacks could disrupt oil production or crude oil transport. Shipping intelligence firm Kpler said at least 18 vessels had reportedly been attacked over the previous two weeks.
The reports added to concern about routes through the Gulf. ING analysts said recent market swings continued to support prices. They suggested that this added cost could gradually decline if oil continued to flow without interruption.
For now, the attacks and uncertainty over supply kept both benchmarks above $100 a barrel.