Brent rises 0.35% on October 14 after Saudi Aramco attack
US crude reaches a three-week high as attacks in Saudi Arabia and Iran’s shipping strategy heighten concerns over Middle East supplies.
- Brent crude futures rose 0.35%, or 37 cents, to settle at $106.06 a barrel on October 14.
- The price increase was primarily triggered by a Houthi attack on a Saudi Aramco administrative building in Dhahran, which caused a limited fire.
- Supply concerns were further heightened by attacks on commercial shipping vessels in the Strait of Hormuz and reports of new Iranian tactics to target ships.
- A reported 11.1 million barrel decline in U.S. crude inventories also contributed to the price gains.
Oil prices rose on October 14, 2026, after Saudi Arabia reported a Houthi attack on Saudi Aramco in Dhahran and Iranian officials described new tactics to target shipping and keep prices high. Brent crude futures settled 37 US cents, or 0.35%, higher at US$106.06 a barrel. US West Texas Intermediate (WTI) crude advanced 95 US cents, or 1.01%, to US$95.09 a barrel, its highest level in three weeks.
Phil Flynn, senior analyst at the Price Futures Group, attributed the gains to attacks on vessels passing through the Strait of Hormuz and exchanges of strikes between Saudi Arabia and the Iran-aligned Houthis. “We’re seeing a lot of fear trade today,” Flynn said.
Saudi Aramco and shipping attacks fuel supply concerns
Saudi Arabia’s energy ministry reported that the Houthi attack struck an administrative building at state-owned Saudi Aramco’s headquarters in Dhahran, causing a limited fire.
The Houthis have launched ballistic missiles and drones at Saudi Arabia over the past week. The group describes the attacks as retaliation for the kingdom’s support for Yemeni government forces.
Riyadh’s international airport has been struck four times, including an attack on October 10 that killed 13 people.
Iranian officials declined to disclose details of their new strategy for targeting ships. One official said Iran had begun using different offensive tactics about 10 days earlier.
Iran’s Revolutionary Guards Navy said a container ship sank south of the Strait of Hormuz after striking a naval mine and catching fire, according to a statement carried by state media on October 14.
The United Kingdom Maritime Trade Operations (UKMTO) had reported on October 13 that a container ship and a tanker were hit by unidentified projectiles in the strait.
Gulf oil flows recover as Iranian exports fall to zero
Oil flows from Gulf producers excluding Iran recovered to more than 81% of pre-war levels in September, driven by a rebound in Saudi exports, according to data cited by Reuters. Iranian exports fell to zero because of a US blockade.
The International Energy Agency (IEA), in a separate assessment released on October 14, put the September increase in crude exports from Middle East Gulf producers at 4.4 million barrels per day (bpd), taking shipments to around 75% of pre-war levels.
“More crude reaching international markets does not necessarily mean more oil is being produced,” Saxo Bank analyst Ole Hansen wrote in a note.
“Some of the recovery reflects a redistribution of available barrels, including volumes that would otherwise have supplied regional refineries.”
Russian diesel exports could temper price swings
“The expectation that increased Russian diesel exports will ease market tightness is likely to limit sharp price movement in either direction,” said Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment.
US President Donald Trump announced on October 9 that Russia had agreed to supply diesel to global markets. The Trump administration temporarily lifted US sanctions on Russian diesel that had been intended to deprive Moscow of revenue for its war on Ukraine.
Russia produced 8.43 million bpd of crude in September, an increase of 65,000 bpd, according to the IEA’s October 14 assessment. Russian output nevertheless remained 870,000 bpd below the level recorded a year earlier.
US crude stocks fall ahead of government inventory report
US crude inventories declined by 11.1 million barrels in the week ending October 9, market sources reported on October 14, citing American Petroleum Institute data.
The US Energy Information Administration is scheduled to release its weekly inventory figures on October 15, a day later than usual because of the federal holiday on October 12.
