Brent Crude Oil Hits 5-Month High As Ship Attacks, Saudi Site Strikes Fuel Supply FearsOct 20, 2026, 17:01 IST

Brent crude oil prices surged to a five-month high, with prices trading at 111 dollars per barrel (at the time of filing this copy). Experts believe reports of fresh tensions in the Middle East, Houthi attacks on Saudi infrastructure and vessel attacks have added to the already persistent supply concerns and led to the rise in prices.

Global oil expert and CEO-Australia, Trading.com & Chief Strategist Asia-Pacific XM.com, Peter McGuire told Times Now Digital, "Brent goes on a tear and cracks 111 dollars per barrel with concerns over heightened kinetic activity in the Middle East. Traders are fundamentally bullish as has been demonstrated over the past week and market sentiment remains skewed to the upside."

Industry experts therefore suggest oil prices could extend gains and breach 111 dollars per barrel as heightened Middle East tensions fuel more supply concerns. As per reports, Houthis had on Monday stated they launched several attacks on Saudi ⁠energy, airport and military targets, such as an Aramco site in Yanbu, the Shaybah oilfield, Riyadh’s King Khalid International Airport and Abha airport. Saudi authorities did not immediately confirm ‌the Houthi claims and Reuters could not independently verify them.

However earlier this week, US President Donald Trump's Russia sanctions waiver and ongoing Ukrainian attacks added to uncertainty over global energy supplies. While Brent crude oil prices had elevated near 108 dollars per barrel at the time, analysts were aiming to assess whether the sanctions waiver translates into a meaningful increase in Russian oil supplies.

Going forward, developments involving US-Iran, the security of shipping routes in the Persian Gulf and the spotlight on the Middle East as well as Saudi energy infrastructure will also be critical. The direction of crude prices will depend on how these supply risks evolve. If additional supply reaches the market without major disruptions, prices could ease; sustained disruptions, however, could keep crude elevated.

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Sakshi Bajaj is a seasoned Associate Editor with over 15 years of experience in broadcast journalism. She has anchored, scripted, produced shows and w... View More