Oil prices rise to 113 dollars following attacks in Saudi Arabia

Crude oil prices surged on October 22, 2026, after deadly attacks on Saudi Arabian targets renewed fears of supply disruptions in the Middle East. Rigzone News and The Times both reported that Brent crude jumped four percent to settle near 113 dollars a barrel. Rigzone News added that West Texas Intermediate closed above 99 dollars a barrel, marking the largest price gain in about two weeks. [1][4]

The price increases followed military strikes across the country. Rigzone News reported that a drone strike on Saudi Aramco's Shaybah field killed two people, although operations remained unaffected. Rigzone News also noted casualties from an attack on King Fahd International Airport in Dammam, while Yemen's Houthi rebels claimed additional attacks on the Saudi port of Yanbu. [1]

Diplomatic and security concerns contributed to market volatility. Oilprice reported that an order by the United States federal government for non-emergency personnel to leave Saudi Arabia heightened perception of instability in the region. As FTMQ Climate reported earlier, recent drone strikes have also disrupted Saudi oil output and flows along the East-West Pipeline. [3][10]

The attacks form part of a broader escalation in the region. In October 2026, the Houthis launched a series of ballistic missile and drone attacks on three Saudi Arabian airports, killing 22 people and injuring more than 380 others. Despite the strikes, Rigzone News reported that crude oil exports through the Strait of Hormuz have climbed back to pre-conflict levels. [1][9]