Global oil prices climbed sharply as escalating conflict in the Middle East and reported attacks on tankers in the Strait of Hormuz heightened concerns over potential disruptions to crude supplies.
Brent crude rose 3.8% to $117.45 per barrel during New York trading before closing at $116.72, according to international media reports. The price reached its highest level since April, while oil prices have gained more than 10% in October alone.
U.S. West Texas Intermediate (WTI) crude also climbed, reaching $103.27 per barrel.
Tanker Attacks Fuel Market Concerns
Iranian state television reported that seven oil tankers had either come under attack or struck naval mines in the Strait of Hormuz this week.
The naval force of Iran’s Islamic Revolutionary Guard Corps said two supertankers carrying a combined 4.5 million barrels of oil had been disabled after hitting mines while using an unauthorized southern route.
The reports intensified concerns over the security of shipping through the strategic waterway, a key route for global oil supplies.
Houthi Attacks Raise Fears for Saudi Oil Facilities
Meanwhile, Yemen’s Houthi movement reportedly targeted Saudi Aramco’s Shaybah oil field and its headquarters in Dhahran, prompting the company to evacuate personnel, according to the report.
The United States also withdrew diplomatic staff from Riyadh, adding to concerns over the widening regional conflict.
Trump Remarks Add to Market Uncertainty
US President Donald Trump told a rally in Florida that Washington could repeat an operation against Iran similar to what he called “Epic Fury,” according to the report.
The remarks added to uncertainty over the potential course of the conflict and its impact on global energy markets.
Oil Could Reach $150 a Barrel, Experts Warn
Market experts have warned that further damage to oil facilities across the Middle East could push crude prices as high as $150 per barrel.
War-risk insurance premiums, which had previously remained below 1%, have reportedly climbed to as much as 10%, adding an estimated $7 per barrel to shipping costs.
The combination of security risks, higher insurance premiums and fears of supply disruptions has increased volatility in oil markets, with the outlook depending heavily on developments across the region.