Brent holds near five-month high as Middle East tensions weigh on supply
Brent trades near $110 a barrel, its highest since May 20, as Houthi attacks on Saudi facilities and vessel incidents in the Gulf lift the risk premium.
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what happened
Oil prices rose on Tuesday, with Brent hovering near a five-month high as traders priced in a geopolitical risk premium. The move followed claims by Yemen's Houthis of attacks on Saudi energy and military sites, as well as reports of vessel attacks in the Gulf. According to Reuters, Brent gained 0.50% to $110.10 a barrel, after touching $110.70 in the previous session. Saudi authorities had not confirmed the claims, and Reuters could not verify them independently.
Shiptracker Kpler said at least 18 vessels had reportedly been attacked over two weeks, which keeps the premium intact. ING analysts said the premium would likely erode slowly if flows continue uninhibited, but there were no signs of that yet. Markets are also watching US policy on Russia: President Trump said he had yet to make a final decision on waiving Russia-related sanctions and tariffs, while Secretary of State Marco Rubio said officials needed more time.
why it matters
For oil markets, the main driver right now is the risk of supply disruption from the region rather than the basic balance of demand and supply. If attacks on infrastructure continue, prices will stay sensitive to new headlines; if flows normalize, the premium could fade quickly.
market impact
Oil: supply risks from the Gulf support Brent and WTI prices
tags
instruments
sources
- Brent crude holds near five-month high on Middle East tension — Reuters, 20 October 2026 at 03:47 UTC
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