Oil Prices Hit Five-Month High as Gulf Attacks Raise Fears of Supply Disruptions

Global oil prices climbed to a five-month high on Thursday, 22 October 2026, as attacks in Saudi Arabia and reported strikes on vessels near the Strait of Hormuz heightened fears of further disruptions to energy supplies.

Brent crude, the international benchmark, rose by 3% to $112 a barrel, its highest level since 18 May, as escalating tensions in the Middle East unsettled energy markets.

Yemen’s Iran-aligned Houthi group attacked targets in Saudi Arabia on Wednesday, killing two people and injuring eight at a civilian airport in Dammam. A separate drone attack on a Saudi oilfield also killed two people.

Meanwhile, Iran’s Islamic Revolutionary Guard Corps said four vessels suspected of involvement in illegal oil transfers were struck and caught fire in the northern Gulf. It also reported that three other vessels hit mines west of the Strait of Hormuz and warned of a broader response to continued US provocations.

The latest developments have renewed concerns about the strategic waterway, a critical route for global oil shipments. The conflict has already caused significant disruption since tensions escalated earlier this year.

Oil prices reached $126 a barrel in April before falling below $100 in late May and dropping to around $71 in early July. Prices have since recovered following renewed hostilities and the collapse of a US-Iran understanding.

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Financial markets also weakened on Thursday. The Stoxx Europe 600 fell 1%, the FTSE 100 declined 0.7%, Japan’s Nikkei 225 dropped 2.7%, and South Korea’s Kospi lost 3.5%.

American Airlines shares fell almost 4% in pre-market trading after the company warned that historically high fuel costs could push it into a loss this year.