Oil Rises to $95 Amid Renewed Middle East Attacks

2026-10-14 20:18 By Isabela Couto 1 min. read

Crude oil rose to around $95 a barrel on Wednesday amid renewed attacks across the Middle East and the IEA’s latest assessment of the oil market.

The agency’s October Oil Market Report warned that constraints in diesel markets could persist well into 2027, with fresh attacks on Saudi Arabia threatening to derail a recovery in global oil supply.

Fighting between Saudi Arabia and the Iran-backed Houthis continued to escalate, with Saudi Arabia’s Ministry of Energy reporting an overnight attack on an administrative building belonging to oil giant Saudi Aramco.

The incident followed a series of Houthi attacks on Riyadh over the past week.

A Saudi-led coalition reportedly struck Houthi energy terminals and fuel reserves in Yemen.

Meanwhile, tensions between the US and Iran remained elevated.

US Central Command rejected claims by the commander of Iran’s IRGC Navy that the Strait of Hormuz was under Iranian control and that any approaching US Navy warships would be “sunk.”



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Oil Rises to $95 Amid Renewed Middle East Attacks
Crude oil rose to around $95 a barrel on Wednesday amid renewed attacks across the Middle East and the IEA’s latest assessment of the oil market. The agency’s October Oil Market Report warned that constraints in diesel markets could persist well into 2027, with fresh attacks on Saudi Arabia threatening to derail a recovery in global oil supply. Fighting between Saudi Arabia and the Iran-backed Houthis continued to escalate, with Saudi Arabia’s Ministry of Energy reporting an overnight attack on an administrative building belonging to oil giant Saudi Aramco. The incident followed a series of Houthi attacks on Riyadh over the past week. A Saudi-led coalition reportedly struck Houthi energy terminals and fuel reserves in Yemen. Meanwhile, tensions between the US and Iran remained elevated. US Central Command rejected claims by the commander of Iran’s IRGC Navy that the Strait of Hormuz was under Iranian control and that any approaching US Navy warships would be “sunk.”
2026-10-14
Crude Oil Hovers at $95
Crude oil fluctuated around $95 a barrel on Wednesday, as investors weighed improving export flows against renewed attacks across the Middle East. The US said it helped facilitate the shipment of more than 19 million barrels of crude through the Strait of Hormuz, offering some reassurance that supplies were continuing to move despite the conflict. Saudi Arabia increased production, with September output rising by roughly one-third from its previous level. Meanwhile, security concerns have intensified following missile and drone attacks by Iran-backed Houthi forces on several Saudi locations, including the Saudi Aramco office complex in the east of the kingdom. The latest strikes have increased pressure on Washington to support its regional ally and heightened uncertainty over the recovery in Gulf energy shipments. Iranian attacks on tankers passing through the Strait of Hormuz are adding further risks to supply stability.
2026-10-14
Oil Extends Gains on Mideast Escalations
Crude oil climbed toward $95 per barrel on Wednesday, marking its fifth consecutive session of gains as escalating hostilities between Saudi Arabia and Iran-backed Houthi rebels intensified concerns over Middle East supply disruptions. On Tuesday, Yemen’s Houthi militants struck Saudi Aramco’s headquarters in Dhahran, eastern Saudi Arabia, with a missile attack that sparked a fire in part of the complex. The rebels also targeted Riyadh’s main airport over the weekend, while a Saudi-led coalition launched an offensive to retake rebel-controlled territory in Yemen. Meanwhile, Tehran has intensified attacks on tankers transiting the Strait of Hormuz, although the US said it had helped facilitate the passage of more than 19 million barrels of crude through the strategic waterway. In Europe, President Trump defended his diesel export agreement with Russia, stating that the additional supplies would enter the global market and help ease elevated prices.
2026-10-13