{
  "id": 16256406,
  "title": "Oil hits USD116 mark as ME conflict rages on",
  "url": "https://urgent.news/2026/10/24/oil-hits-usd116-mark-as-me-conflict-rages-on",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-24T00:32:33.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40445717/oil-hits-usd116-mark-as-me-conflict-rages-on"
  },
  "original_language": "en",
  "account": "Oil prices surged to over $116 per barrel on Friday, marking their highest level in nearly six months, following Houthi attacks in Saudi Arabia and concerns over potential energy supply disruptions in the Middle East. Brent crude futures climbed to $116.72 per barrel, while US West Texas Intermediate crude reached $103.27 per barrel. The increase was fueled by fears of supply disruptions after the series of Houthi attacks on Saudi energy infrastructure. Saudi Aramco ordered the evacuation of its headquarters in Dhahran after the fighting intensified between Saudi Arabia and the Houthis. An oil spill was reported off the UAE coast, though the cause remains unidentified. Shipping sources suggested that the Gem No. 2 supertanker, struck by an unknown projectile, was involved. The ongoing conflicts between the Houthis and a Saudi-led coalition have escalated since the Houthis advanced towards a key shipping chokepoint in the Red Sea. President Trump suggested the US could quickly end the war with Iran, but recommended allowing the conflict to gradually wind down. The US Department of Energy authorized an emergency exchange of up to 400,000 barrels of crude oil from its Strategic Petroleum Reserve to address a supply disruption affecting a Phillips 66 refinery in Louisiana. Germany also released strategic reserves of diesel, heating oil, and crude oil for the first time since G7 countries made a similar decision in October. Meanwhile, Libya's National Oil Corp announced that an oil pipeline valve in the Hamada and Tahara oilfields had been shut, reducing production at the fields. US energy firms maintained the rig count at 603 for the second consecutive week, signaling cautious future output expectations.",
  "summary": "NEW YORK: Oil prices settled more than USD3 higher on Friday, their highest in nearly six months after Houthi attacks in Saudi Arabia stoked concerns over further disruption to energy supplies from the Middle East, where UAE authorities also reported an oil spill. Brent crude futures settled at USD116.72 a barrel, up USD3.55 or 3.14 percent, their highest since April 29. US West Texas…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}