US oil surges 5.7% as Middle East conflict stokes supply fears

Oil prices rose on October 20, with US crude increasing by over 5% according to Ajel English. Brent crude futures rose 0.47% to $110.07 a barrel, approaching a five-month high, while the U.S. West Texas Intermediate contract for November delivery increased 0.36% to $104.03, New Voice of Ukraine reported. Euronews noted that Brent crude remained at a five-month high due to uncertainty regarding when energy supplies will return to normal amid the war with Iran.

Geopolitical risks have contributed to these prices, including Houthi attacks on Saudi Arabian infrastructure and reported attacks on ships in the Persian Gulf, according to New Voice of Ukraine. The Houthis stated they carried out attacks on several facilities in Saudi Arabia on October 19, including an Aramco facility in Yanbu and the Shaybah oil field. New Voice of Ukraine also reported that at least 18 tankers have been attacked over the last two weeks.

Hellenic Shipping News reported that the war in the Middle East and the closure of the Strait of Hormuz have cut off Qatari and UAE LNG flows to South Asian markets. These markets have absorbed one of the most severe supply shocks in the history of the global gas trade.

Brief written by urgent.news from Ajel English, Hellenic Shipping News, Doha News, New Voice of Ukraine, Euronews — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.