Oil Prices Rise on Middle East Supply Risks

Oil prices climbed on Wednesday, as escalating risks to Red Sea shipping lanes and Saudi energy infrastructure heightened global supply anxieties.

Brent crude futures rose 85 cents to $109.64 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 76 cents to reach $98.58 per barrel.

The price surge follows reported attacks on maritime traffic around the Strait of Hormuz, where a supertanker caught fire after striking a sea mine.

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Analysts from LSEG and shiptracking firm Kpler noted that targeting has expanded southward into the Gulf of Oman, disrupting vessel loadings and ship-to-ship transfers.

Oil prices rise on Middle East supply risks (News Central TV) — Oil prices rise on Middle East supply risks. Credit: Reuters

Meanwhile, Houthi forces claimed responsibility for recent strikes against Saudi Aramco facilities in Yanbu and the Shaybah oilfield.

In response to tightening markets, U.S. Energy Department officials confirmed ongoing discussions with global refiners to boost fuel output amid rising diesel prices.

Additionally, market analysts project that U.S. crude oil stockpiles fell by approximately 800,000 barrels during the week ending October 16, further underpinning market gains.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.