Dubai – Crude oil prices rose more than 2% during Thursday trading sessions on October 22, 2026. Investors reacted to growing supply shortage concerns amid escalating geopolitical tensions in the Middle East.
Houthi attacks on Saudi Arabia sparked fears of a broader conflict escalation. These strikes threaten further disruptions to energy supplies flowing from the region. The group launched attacks on multiple targets on Wednesday.
The assaults resulted in at least one death and eight injuries at Dammam’s civil airport. Two additional fatalities occurred following a drone strike on a Saudi oil field. Markets had closed Wednesday with mixed signals as traders weighed these risks.
By 05:58 GMT, standard Brent crude futures for December 2026 delivery rose 2.36%. The contract reached $111.39 per barrel. US West Texas Intermediate crude futures for December also climbed 2.14%, hitting $99.23 per barrel.
Market Analysis and Supply Data
Brent crude ended Wednesday’s session stable, while WTI fell 0.68%. Analysts at ING noted strong demand fundamentals. They highlighted that Brent returned above $110 following bloody attacks on Saudi facilities.
The US State Department plans to withdraw family members from several other American missions in the region. Reuters reported this diplomatic adjustment reflects heightened security concerns across the area.
Explosions were heard in Sirik, southern Iran, according to Iranian media. Reports indicated the nature and source of these blasts remain unknown. Meanwhile, the Iranian Revolutionary Guard Navy announced an attack on four ships.
These vessels were involved in illegal oil transfers in the northern Gulf. They caught fire after being tracked by guard forces on Wednesday. Three other ships reportedly hit mines west of the Strait of Hormuz.
US Reserves and Diplomatic Efforts
The US Energy Information Administration reported crude stockpiles fell by 3.06 million barrels last week. Total reserves stood at 412.5 million barrels. Distillate stocks, including diesel and heating oil, rose by 1.68 million barrels.
Total distillate reserves reached 104.3 million barrels. The Trump administration offered to lend up to one-third of the Strategic Petroleum Reserve. This aims to contain prices rising due to diesel shortages from wars in Iran and Ukraine.
Russian President Vladimir Putin hosted US envoy Steve Witkoff in St. Petersburg on Wednesday. They discussed ending the war in Ukraine. Moscow announced Putin agreed to resume US-brokered peace talks soon.
Ukrainian President Volodymir Zelenskyy supported the initiative. He urged that negotiations begin as quickly as possible. Washington continues its latest efforts to halt Europe’s deadliest conflict since World War II.
This story was produced in the newsroom from the disclosed sources named above.
