Brent Crude Hits $114, Highest Since May, as Houthi Strikes on Saudi Arabia Jolt Oil Markets

DUBAI, October 23, 2026 — Global oil prices surged to a five-month high on Friday as escalating Houthi attacks on Saudi Arabia stoked fears of wider disruption to energy supplies from the Middle East, the world’s most critical crude-producing region.

Brent crude futures, the global benchmark, climbed as high as $114.72 a barrel in early trading — its highest level since May 4 — before easing to around $113.96 by 0810 GMT, up 79 cents or 0.7 percent on the day. US West Texas Intermediate crude rose $1.10, or 1.1 percent, to $100.57 a barrel, traders and market data showed.

The rally caps a blistering two-day run that has pushed Brent up nearly 5 percent, putting the benchmark on track for a third consecutive weekly gain of almost 4 percent.

Houthi war puts the world’s biggest exporter at risk

The surge is being driven by the fast-escalating war between the Houthis and a Saudi-led coalition. Saudi Aramco on Thursday ordered the evacuation of its Dhahran headquarters on the Gulf coast near Bahrain, Reuters reported, as fighting intensified between the world’s largest crude exporter and the Yemen-based group.

Clashes have raged since the Iran-aligned Houthis pushed toward Bab el-Mandeb, a shipping chokepoint at the mouth of the Red Sea, raising the spectre of attacks on tankers and export terminals that carry a large share of global supply.

“The market remains concerned about a potential escalation, which, in a worst-case scenario, could trigger renewed supply disruptions,” UBS analyst Giovanni Staunovo said, adding that volatile oil flows and elevated freight rates have left the market undersupplied.

Energy analysts said markets are now pricing in a supply risk premium that will hold as long as the fighting continues. “The key factors to monitor now are the extent of actual disruption and the time needed to restore operations,” XS.com analyst Linh Tran said, warning that if attacks persist and delay deliveries, “elevated prices will have a firmer foundation.”

Libya cuts add to supply squeeze

Adding to the pressure, Libya’s National Oil Corporation said on Thursday that a pipeline valve from the Hamada and Tahara oilfields to the Zawiya port had been shut, cutting production at both fields, its chairman told Reuters.

The twin shocks — fighting in the Gulf and the Libyan outage — have pushed the Brent market into technically overbought territory for the third time in a week, according to energy analysts, who said UK gas prices also jumped on Thursday as the crisis spilled into wider energy markets.

What it means for consumers

The surge comes just eleven days before the US midterm elections on November 3, with high petrol prices a potent political issue. US President Donald Trump has said the war with Iran could end soon, predicting oil prices would then fall sharply — even as he warned Washington must ensure Tehran cannot rebuild its nuclear weapons capabilities.

For major oil-importing economies, the spike is already painful. In India, which relies on imports for the bulk of its fuel, analysts said the rise in Brent threatens to deepen the country’s import bill and stoke inflation, with a large share of its crude transiting the Strait of Hormuz.

With the Houthi conflict showing no sign of abating and tensions between the US and Iran still simmering, traders said Friday’s five-month high may not be the ceiling.