Oil prices reach five-month high following Middle East attacks

Oil prices rose to their highest point in five months on October 20, 2026, after attacks on oil facilities and ships in the Middle East. Brent crude reached nearly $112 per barrel, the highest price since May. West Texas Intermediate also climbed sharply.

Yemen's Houthi forces said they attacked Saudi oil sites, including an Aramco facility and an oilfield, as well as two airports. Tanker attacks near the Strait of Hormuz also disrupted oil exports. Saudi Arabia has not confirmed these claims.

Oil prices have risen more than 55% since a conflict involving Iran started in February 2026. A peace deal in May briefly calmed the situation, but it expired in August and attacks on oil infrastructure resumed.