Brent Crude At $116, WTI Tops $103 As Houthis Continue To Attack Saudi Arabia

Oil prices surged on Friday as Houthi attacks on Saudi Arabia raised worries about potential disruptions to Middle Eastern energy supplies. Brent crude rose over 1% to $111.10 per barrel, while US West Texas Intermediate (WTI) climbed 1.2% to $103. Both benchmarks were on track for their fourth consecutive monthly increase, signaling their strongest monthly performance since July.

Analysts projected Brent prices to rise nearly 14% during October, while WTI was expected to close above $100 for the first time since April. Traders noted a 1% dip in crude oil prices to $114, however, following reports of US-Iran diplomatic efforts raising hopes for de-escalation. The Houthi attacks on Saudi energy facilities, including the Ras Tanura refinery, Rabigh refinery, and a Saudi Aramco site in Abqaiq, fueled concerns over the security of crude oil supplies.

Simultaneously, Iran reported that three tankers had struck mines and caught fire while attempting to navigate an unauthorized route south of the Strait of Hormuz. US President Donald Trump announced that Vice President JD Vance had reached out to Iran to provide medical supplies, while US media speculated that Vance had also written to Tehran's senior security official to revive peace talks.

ExxonMobil and Chevron announced they would cancel executives' attendance at an upcoming major oil industry exhibition in the United Arab Emirates due to regional security concerns.