Oil Climbs After Houthi Attacks as Trump Pushes Greenland Energy Plans

what happened

According to Stocktwits, energy markets were in focus in the week starting October 12. On Tuesday, Houthi forces struck an administrative building at Saudi Aramco's Dhahran headquarters, sparking a fire with no casualties reported. Saudi Arabia also intercepted missiles aimed at Riyadh, and debris injured four people and damaged 15 homes. Brent futures expiring in December traded at $106.33 a barrel, while WTI futures expiring in November were at $94.58.

On Wednesday, Trump said large-scale oil, gas and mineral exploration would begin in Greenland, without naming projects or timelines. He framed it as a security matter, arguing that the territory offers defensive advantages. The move follows a September agreement between the US, Denmark and Greenland that expands the American military presence and allows two new bases.

The US Department of Energy authorized an emergency exchange of up to 4 million barrels from the Strategic Petroleum Reserve for ExxonMobil and BP, after Hurricane Isaias halted Gulf of Mexico output. The companies must return the crude with extra barrels in 2027. Separately, Oracle reaffirmed that Bloom Energy fuel cells will be the primary power source for Project Jupiter with El Paso Electric.

why it matters

For markets, two forces matter at once: supply disruptions and geopolitical risk in the Middle East are supporting oil prices, while reserve releases and new exploration plans could shape the supply balance over the medium term.

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