Brent rises to US$110.11 a barrel on October 22 as US orders some diplomats out of Saudi Arabia
Fresh Houthi attacks in Saudi Arabia prompt a US diplomatic drawdown as Brent gains 1.2% and WTI rises 1%, following a drop in US crude stocks.
- Brent crude oil rose by $1.29 to $110.11 a barrel on October 22.
- The price increase was linked to the United States ordering some diplomats and their families to leave its missions in Saudi Arabia.
- The US withdrawal order was prompted by fresh attacks from Yemen's Houthi group on Saudi targets, including a civilian airport and an oilfield.
Brent crude rose to US$110.11 a barrel on Thursday (October 22, 2026) after fresh Houthi attacks in Saudi Arabia prompted the United States to order some diplomats and family members to leave its missions in the kingdom.
Brent futures gained US$1.29, or 1.2%, while US West Texas Intermediate (WTI) crude increased by 97 US cents, or 1%, to US$98.12 a barrel at 7.34am Thai time, equivalent to 00:34 GMT. Both figures were intraday prices.
Oil rebounds after mixed October 21 close
Brent had settled almost unchanged on October 21 at US$108.82 a barrel, up three US cents, or 0.03%. WTI closed 67 US cents, or 0.7%, lower at US$97.15.
Both benchmarks had gained more than US$2 earlier in Wednesday’s session before retreating, with Brent trading near a five-month high.
During the October 20 session, Brent reached a five-month high and WTI touched a six-month peak before prices fell following discussions about mediation at a meeting between Iranian President Masoud Pezeshkian and Pakistan’s army chief in Tehran.
Deadly Saudi attacks prompt US departure order
The US State Department also plans to withdraw family members from several other American missions in the region, US officials told Reuters.
Yemen’s Iran-aligned Houthis struck several Saudi targets on October 21. At least one person was killed and eight others wounded at a civilian airport in Dammam, while a drone attack on a Saudi oilfield killed two people.
The Houthis had claimed responsibility on October 19 for attacks on a Saudi Aramco site in Yanbu, the Shaybah oilfield, and airports in Riyadh and Abha.
Iranian media also reported explosions in Sirik, southern Iran, on October 21, but said their nature and origin were unknown.
Iranian Foreign Minister Abbas Araqchi told the Financial Times on October 21 that Iran was fully prepared to defend itself. Pezeshkian separately told state media that Washington could not expect dialogue while blockading and threatening Iran.
Kpler data showed at least 18 attacks on shipping over the preceding two weeks. LSEG analysts warned that Iran was targeting tankers beyond the Strait of Hormuz and into the Gulf of Oman, threatening Gulf crude loadings and the ship-to-ship transfers supporting regional shipments.
Dennis Kissler, senior vice-president of trading at BOK Financial, wrote in an October 21 client note that attacks in the Strait of Hormuz appeared to be continuing, with at least two more ships struck overnight. Kissler said crude futures were fluctuating around unchanged levels that morning but remained well below their overnight highs.
Russia and Ukraine signal support for renewed talks
Russian President Vladimir Putin hosted US special envoy Steve Witkoff in St Petersburg on October 21 for discussions on ending the war in Ukraine, as Washington renewed efforts to halt Europe’s bloodiest conflict since the Second World War.
The Kremlin said Putin had agreed to resume US-mediated peace talks with Ukraine as early as November. Ukrainian President Volodymyr Zelenskiy said he supported the talks and hoped they would begin as soon as possible.
BOK Financial’s Kissler said apparent progress towards a Ukraine peace agreement had weighed on crude prices. A settlement “could unlock the tight global diesel supplies”, easing a shortage that had helped drive oil prices higher in recent weeks, Kissler said in his October 21 comments.
US crude stocks fall as heating oil loans planned
US crude inventories declined by 3.06 million barrels to 412.5 million barrels in the week ending October 16, according to figures released by the US Energy Information Administration (EIA) on October 21. Analysts surveyed by Reuters had expected a smaller reduction of 820,000 barrels.
US distillate stocks, which include diesel and heating oil, increased by 1.68 million barrels to 104.3 million barrels over the same week. Analysts had forecast a decline of 1.16 million barrels.
The Trump administration is offering to lend up to almost a third of the one-million-barrel US emergency heating oil reserve, the US Department of Energy announced on October 21. The move aims to contain prices pushed higher by diesel shortages linked to the wars in Iran and Ukraine.
Two US Energy Department officials had said on October 20 that they were working with refiners worldwide to increase fuel production.
