BAKU, Azerbaijan, October 12. Oil prices have risen to near two-week highs as continued Houthi attacks on Saudi Arabia intensified concerns over regional supply disruptions, outweighing expectations of additional market supplies following US President Donald Trump’s comments on Russian diesel exports and a Russia-Ukraine energy ceasefire.
Brent crude futures recovered from earlier losses, rising by $1.24, or 1.2%, to $106.19 per barrel by 11:24 GMT, their highest level since September 29. US West Texas Intermediate (WTI) crude gained $1.11, or 1.2%, to reach $92.96 per barrel.
The Houthis claimed responsibility for an attack on King Khalid International Airport in Riyadh on Saturday that reportedly killed 13 people and wounded more than 300. A further attack at the airport on Monday killed one person and injured 11 others, according to the report.
Meanwhile, increased attacks on oil tankers transiting the Strait of Hormuz this month have raised concerns that the security situation could undermine the recovery in Middle Eastern crude exports recorded in September.
The latest developments have added to uncertainty in global energy markets, with traders weighing the risks of supply disruptions against the prospect of additional oil and fuel reaching the market.
