Jakarta, ThedailyID — Global oil prices climbed on Thursday, October 22, as Houthi attacks in Saudi Arabia heightened security concerns across the Middle East. The escalating tensions also prompted the United States to plan the evacuation of some diplomats’ family members from the region.
Brent crude rose $1.29, or 1.2 percent, to $110.11 per barrel. US West Texas Intermediate (WTI) gained 97 cents, or 1 percent, to reach $98.12 per barrel, according to Reuters.
The gains followed a relatively flat close for Brent on Wednesday. WTI had fallen 67 cents during the previous session.
US officials told Reuters that the State Department planned to withdraw family members of staff from several US embassies and consulates across the Middle East as security risks increased.
The latest price surge followed attacks by Yemen’s Houthi group, which aligns with Iran. On Wednesday, the attacks struck several strategic targets in Saudi Arabia, including Dammam Civil Airport. Reports said one person died and eight others suffered injuries. Drone attacks also targeted Saudi oil fields, reportedly killing two people.
Tensions have also spread beyond Saudi Arabia. Iranian local media reported explosions in the southern city of Sirik on Wednesday, although the cause and origin remain unclear.
Iranian Foreign Minister Abbas Araqchi told the Financial Times that Iran was fully prepared to defend itself. President Masoud Pezeshkian also told state media that the United States could not expect dialogue while maintaining a blockade and threatening Iran.
Threats to oil transportation routes have added to market concerns. Kpler data recorded at least 18 attacks on oil tankers over the past two weeks.
LSEG analysts warned that Iranian attacks now extend into the Gulf of Oman, beyond the Strait of Hormuz. The expanded reach threatens crude oil loading operations and ship-to-ship transfers in the area.
Meanwhile, diplomatic developments surrounding the war in Ukraine have added another dimension to global tensions. Russian President Vladimir Putin met US Special Envoy Steve Witkoff in St. Petersburg on Wednesday to discuss ending the war.
The Kremlin confirmed that Putin had agreed to resume US-mediated peace talks with Ukraine next month. Ukrainian President Volodymyr Zelenskyy welcomed the decision and expressed hope that negotiations would begin soon.
US oil inventory data also supported prices. The Energy Information Administration (EIA) reported that crude stocks fell by 3.06 million barrels to 412.5 million barrels last week.
The decline exceeded expectations. Analysts surveyed by Reuters had forecast a reduction of just 820,000 barrels.
