Key facts
- Brent crude futures reached $117.45 a barrel, their highest since late April.
- Houthi attacks in Saudi Arabia and an oil spill off the UAE coast raised supply disruption concerns.
- The market is concerned about increased Iranian attacks on tankers over the past week.
- October has been the worst month for attacks on commercial shipping in the Strait of Hormuz and nearby waterways since 2017.
Oil prices climbed on Friday, with Brent crude reaching its highest level since late April, driven by concerns over potential supply disruptions from the Middle East. Houthi rebels conducted attacks across Saudi Arabia, including on energy infrastructure, prompting Saudi Aramco to evacuate its headquarters. Simultaneously, an oil spill was detected off the coast of the United Arab Emirates. Analysts noted increased Iranian attacks on tankers in recent weeks, highlighting the volatility of shipping routes like the Strait of Hormuz and the Bab el-Mandeb Strait.