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Oil Rises to $114 After Houthi Attacks on Saudi Arabia
Why is oil up today?
Oil (Brent, BZ=F) rose 1.1% to about $114.50 a barrel on Friday after the Houthis claimed new attacks on Saudi Yanbu oil port and Aramco evacuated its Dhahran office.
Key numbers
| Brent crude | $114.50+1.1% on the day |
|---|---|
| WTI (US crude) | $100.80+1.3% on the day |
| Brent settle, Oct 22 | $113.17+4.0%, highest close since May |
| Brent weekly gain | ~$6third straight weekly rise |
| US gasoline average | $4.27/gal~$1.30 above late February |
| Vessels reportedly attacked | 18over two weeks, per Kpler |
What happened
Oil (Brent, BZ=F) rose 1.1% to about $114.50 a barrel on Friday after the Houthis claimed new attacks on Saudi Yanbu oil port and Aramco evacuated its Dhahran office. Brent, the global oil benchmark, is heading for a third weekly gain, up about $6 this week. The Houthis, an Iran-backed group in Yemen, claim missile and drone strikes on a Riyadh defence site, two airports and Yanbu, though Saudi authorities did not confirm earlier claims. Brent closed Thursday at $113.17, up 4% and its highest finish since May.
Why it matters
Oil, at about $114 a barrel, matters because fuel costs flow into what people pay for petrol, flights and goods. US gasoline averages $4.27 a gallon, about $1.30 more than in late February, when the Iran war began. Aramco's East-West pipeline, already running at its maximum of 7 million barrels a day, helps Saudi oil avoid the Strait of Hormuz, so any damage there leaves little spare route (per).
Who this affects
- MarketbearishMedium impact
- Fuel buyers pay more; US stocks fell sharply Thursday.
- CompanybearishHigh impact
- Aramco evacuated Dhahran headquarters, raising risk to Saudi supply.
- CompetitorsmixedLow impact
- Producers outside the Gulf gain; Libya's output is disrupted.
- IndustrybearishMedium impact
- Shippers and refiners face higher costs and more risk.
Brent Crude vs WTI
| Brent crudeBZ=F | $114.50 | +1.1% | Up |
|---|---|---|---|
| WTI (US crude)CL=F | $100.80 | +1.3% | Down |
As of 2026-10-23
How we got here
Houthis claim strikes on Yanbu Aramco site, Shaybah oilfield, Riyadh and Abha airports.
Brent touches a five-month high, then settles at $108.79.
Brent settles at $113.17, up 4%, its highest close since May.
Aramco evacuates Dhahran headquarters; Brent trades near $114.
What to watch
- Whether Saudi Arabia confirms the Houthi claims and any damage at Yanbu, Dhahran or airports.2026-10-26
- Reported US talks on striking Iran, which ING says could threaten Persian Gulf oil flows.Q4 2026
- Whether Libya restarts its shut pipeline feeding the Zawiya export terminal.2026-10-26
Educational content only. Not investment advice.
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