Brent crude tops $106 as Middle East strikes hit Saudi oil sites
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The gist
Brent crude rose about 5% to $105 a barrel on Oct 8 and above $106 by Oct 12.
Higher fuel costs feed inflation and consumer prices worldwide.
Background
Brent crude is a global benchmark price for oil, and it has hovered above $100 a barrel in recent weeks, swinging between $96 and almost $110 over the past month. The surge comes as fighting escalates in the Middle East, including Houthi missile and drone attacks on Saudi Arabia, a hurricane hitting oil producers in the Gulf of Mexico, and the ongoing US war with Iran disrupting energy supplies. The US has also moved to buy Russian diesel, a shift from its earlier ban on Russian oil imports after Russia's war with Ukraine.
How it unfolded
- Oct 8, 2026Brent crude rose about 5% to $105 a barrel as Middle East fighting escalated and a hurricane hit Gulf of Mexico oil producers.
- Oct 9, 2026President Donald Trump said on social media he made a deal with Russian President Vladimir Putin to supply the US with over 300,000 tons of diesel.
- Oct 12, 2026US crude futures jumped more than 2% and Brent topped $106 after deadly strikes on Riyadh's international airport over the weekend; Brent settled up 2.1% at $106.95 and the national gas price average was $4.35, per AAA.
- Oct 13, 2026The Nasdaq closed lower as oil prices jumped after the Saudi airport attacks, with investors awaiting third-quarter bank earnings.
- Oct 14, 2026Brent rose 0.8% to $106.58 and US West Texas Intermediate gained 0.9% to $94.94; the Houthis attacked a Saudi Aramco administrative building in Dhahran, causing a limited fire, Saudi Arabia's energy ministry said.
Who’s saying what
- Analysts
- Hiroyuki Kikukawa of Nissan Securities Investment said supply concern from the Houthi-Saudi conflict is driving prices higher, but expected increased Russian diesel exports to limit sharp moves, projecting WTI between $90 and $100 a barrel.
- Analysts
- Tim Ghriskey of Ingalls & Snyder said investors were cautious due to a lack of direction from bonds and were waiting on big economic reports and earnings from four large banks.
- Official
- Russia's government said it did not see any direct link between peace talks with Ukraine and its deal to export diesel to the US.
Still unverified
Reuters reported that US envoys told Ukrainian officials on Friday that the Russian diesel deal was part of an attempt to draw Russia back to negotiations for a peace settlement; two senior Iranian officials told Reuters Iran is deploying new tactics to target ships in the Strait of Hormuz to keep oil prices high and influence US midterm elections.