Nymex Overview: Crude Climbs as Saudi Attacks, Iran Tensions Heighten Supply Risks — OPIS

Crude futures rose Thursday as attacks on Saudi energy infrastructure and reports of potential renewed U.S. military action against Iran heightened concerns over Middle East supply disruptions, despite signs of recovering regional oil exports.

As of 11:55 a.m. ET, the December ICE Brent crude contract was trading $2.38 higher at $111.20/bbl, with January up $2.02 at $107.09/bbl. December West Texas Intermediate rose $1.27 to $98.42/bbl, with January up $1.13 at $96.59/bbl.

In refined products, ULSD traded 3.14cts higher at $4.7947/gal, with the December contract up 4.74cts at $4.6246/gal. November RBOB rose 1.85cts to $3.139/gal, with December up 1.73cts at $3.0563/gal.

The latest gains followed attacks on Saudi Arabia attributed to Iran-backed Houthi rebels in Yemen. Saudi air defenses intercepted a drone targeting a facility at the Shaybah oil field, with falling debris killing two people and injuring two others, though operations were unaffected, according to the Saudi Press Agency. The U.S. State Department has ordered nonemergency government personnel and their families to leave Saudi Arabia amid the continued attacks.

Geopolitical concerns also intensified after reports that the U.S. and Israel were preparing for potential renewed strikes on Iran, as regional mediators sought to revive negotiations, The Wall Street Journal reported.

Shipping security remained a concern after a tanker was struck by an unidentified projectile near Oman on Wednesday, according to U.K. Maritime Trade Operations.

Despite the heightened risks, Middle East crude exports have recovered substantially. Shipments through the Strait of Hormuz and alternative routes averaged more than 24 million b/d in the week through Oct. 18, exceeding the prewar level of 23.3 million b/d, according to Kpler. However, analysts at MUFG said Thursday that continued threats to shipping and energy infrastructure are sustaining a geopolitical risk premium in crude markets.

U.S. crude inventories fell for a third consecutive week, declining by 3.1 million bbl to 412.5 million bbl last week, according to the Energy Information Administration. Gasoline inventories also fell, while distillate stocks increased. The U.S. Strategic Petroleum Reserve fell by 300,000 bbl to 282.7 million bbl, its lowest level since 1982, according to EIA data.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Dean Visser, dean.visser@dowjones.com

(END) Dow Jones Newswires

October 22, 2026 12:43 ET (16:43 GMT)