Brent crude holds near five-month high on Middle East tension

Brent crude prices reached near five-month highs on Tuesday due to heightened geopolitical risk from attacks on Saudi infrastructure, according to oil traders. The US West Texas Intermediate (WTI) contract also saw gains. Houthi rebels claimed targeting Saudi facilities, including an Aramco site, oilfields, airports, and military targets.

Saudi authorities have not yet confirmed these allegations. Meanwhile, Russia increased its crude oil production by 65,000 barrels per day in September. Despite this, traders are less concerned about additional Russian supply and more focused on the ongoing risk of further attacks in the Gulf region, keeping oil prices above $100 a barrel.