Global Oil Prices Surge Above $115 a Barrel

Global oil prices have climbed above $115 a barrel amid renewed claims of attacks by Yemen’s Houthi rebels on Saudi Arabia’s energy infrastructure and escalating tensions in the Strait of Hormuz, raising concerns over potential disruptions to global oil supplies.

In early Asian trading on Friday (October 30), Brent crude, the international benchmark, rose by 86 cents, or 0.75 percent, to $115.74 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude gained 72 cents, or 0.71 percent, to reach $102.72 a barrel.

According to reports, both benchmarks are on track to record their fourth consecutive monthly gains. Brent crude is expected to rise by around 14 percent in October, while WTI could gain approximately 15 percent.

One of the key factors behind the recent surge is the reported targeting of major Saudi energy facilities. Yemen’s Houthi forces have claimed responsibility for attacks on Saudi Arabia’s Ras Tanura and Rabigh oil refineries, as well as Aramco’s Abqaiq facility.

Meanwhile, Iran’s Islamic Revolutionary Guard Corps (IRGC) has claimed that three oil tankers caught fire after striking sea mines while attempting to use an unauthorized shipping route south of the Strait of Hormuz.

Rising security risks in the Strait of Hormuz, one of the world’s most important energy shipping routes, coupled with reported threats to Saudi Arabia’s energy infrastructure, have heightened concerns over global oil supplies.

These developments have continued to put upward pressure on crude oil prices.