Oil rises as Middle East attacks stoke supply fears

Oil prices rose on Wednesday, October 14, as attacks on Saudi energy infrastructure and commercial ships near the Strait of Hormuz heightened concerns about potential disruptions to Middle Eastern supplies. Brent crude reached $106.60 a barrel at 11:10 GMT, while U.S. benchmark West Texas Intermediate climbed to $95.79. The price gains followed reports of attacks affecting Saudi Arabia and vessels near the strategic shipping route. Saudi Arabia’s energy ministry said a Houthi attack on an administrative building belonging to state-owned oil company Saudi Aramco in Dhahran caused a limited fire. Saudi authorities also said debris from intercepted Houthi missiles wounded four people in Riyadh. The United Kingdom Maritime Trade Operations said a container ship and an oil tanker were struck by unknown projectiles near the Strait of Hormuz on Tuesday, October 13. The reported incidents added to concerns about shipping through a corridor important to global oil transport. The responsibility for some vessel attacks remains unclear, and the projectiles in the UKMTO report were not identified. Market prices reflected heightened supply concerns over several days.