Oil prices rise as attacks on S Arabia cloud supplies

By the Editorial Team · Tuesday, October 13, 2026

Oil prices surged to near two-week highs after drone and missile attacks by the Iran-aligned Houthi group targeted Saudi Arabia’s key energy infrastructure, raising fears about Middle East crude supply stability. This escalation, coupled with tanker assaults near the Strait of Hormuz, threatens to disrupt global oil shipments and adds uncertainty to energy markets amid a fragile supply recovery.

Oil prices climbed to near two-week highs on Monday as recent attacks on Saudi Arabia raised concerns over the stability of crude supplies from the Middle East. Brent crude futures increased by $2.07, or 2 percent, reaching $106.79 a barrel by 1321 GMT, their highest level since September 29. U.S. West Texas Intermediate (WTI) crude added $1.69, or 1.8 percent, trading at $93.54 a barrel.

The rise in prices follows a series of assaults by the Iran-aligned Houthi group, which claimed responsibility for a drone and missile strike on Riyadh’s international airport on Saturday. The attack resulted in 13 fatalities and left more than 300 injured. Additional strikes were reported on Sunday, further intensifying concerns over the security of key energy infrastructure.

The risk to oil shipments is compounded by recent incidents targeting tankers transiting the Strait of Hormuz, a crucial chokepoint for global oil exports. These attacks threaten to slow down the recovery in crude shipments from the region observed in September, prompting uncertainty in the oil markets.

Meanwhile, precious metals prices showed a mixed response amid these developments. Gold prices eased after briefly touching a one-week peak earlier in the session. Spot gold declined by 0.5 percent to $1,772.36 per ounce by 1344 GMT, while U.S. December gold futures fell 0.5 percent to $1,796.20 per ounce. Market participants cited a stronger U.S. dollar, near a one-and-a-half-year high, as a factor weighing on gold. Investors also remain cautious ahead of upcoming U.S. inflation data, which could influence the Federal Reserve’s interest rate decisions.

Silver prices similarly dropped 0.5 percent to $22.51 per ounce, platinum decreased 0.2 percent to $1,084.63 per ounce, and palladium remained stable at $1,148.15 per ounce.

It is worth noting that both the U.S. government and bond markets were closed on Monday in observance of Columbus Day, which may contribute to subdued trading volume and market volatility.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.