Reuters reported Brent futures hit $111.05 a barrel on Oct. 20, a five-month high, as traders assessed new Gulf shipping reports and Houthi claims of strikes on Saudi oil sites.
At 4:10 a.m. ET (08:10 UTC), Reuters placed the contract at $110.80, up $1.25, or 1.1%. The rise followed Brent’s lower Oct. 19 settlement, detailed in an earlier EconoTimes report.
The United Kingdom Maritime Trade Operations (UKMTO) said it received reports of attacks on two tankers northeast of Al Jubayl, Saudi Arabia, on Oct. 16 and a tug struck northeast of Khor Fakkan, United Arab Emirates, on Oct. 18. Its notices did not identify those responsible.
The Houthi military said in an Oct. 19 statement that it had targeted an Aramco site in Yanbu and the Shaybah oil field during the previous 48 hours. Reuters reported that Saudi authorities had not confirmed the claims; any damage or effect on oil production is unverified.
The International Energy Agency (IEA) said Gulf crude exports rose by 4.4 million barrels per day to 13.9 million in September, more than 75% of prewar levels. At the end of September, global observed oil inventories were 509 million barrels below their end-February level. The IEA’s Oct. 14 report said further attacks could stall gains in Gulf exports, but it predates the later UKMTO notices. The agency also linked higher diesel prices to more expensive goods, reduced household purchasing power and weaker economic activity.
The U.S. Energy Information Administration is scheduled to release its next weekly petroleum report Wednesday, Oct. 21, at 10:30 a.m. ET (14:30 UTC).
