Brent rises 4% on October 22 as Houthi attacks fuel supply fears
Saudi Aramco orders staff out of its Dhahran headquarters as Houthi attacks raise supply concerns, while a pipeline closure cuts Libyan output.
- Brent crude oil's price rose 4.0% on October 22 to settle at $113.17 a barrel, its highest closing price since May.
- The price surge was fueled by concerns over Middle East energy supply disruptions following intensified Houthi attacks in Saudi Arabia.
- The fighting prompted Saudi Aramco, the world's largest crude exporter, to order an evacuation of its headquarters in Dhahran.
- Analysts attributed the market's rebound to a "risk premium" injected into the price following the Houthi attacks on Saudi oil infrastructure.
Brent crude reached its highest closing price since May 4 on Thursday, October 22, 2026, rising 4.0% as Houthi attacks in Saudi Arabia intensified concerns about further disruption to Middle East energy supplies.
Brent futures settled US$4.35 higher at US$113.17 a barrel. US West Texas Intermediate crude gained US$2.32, or 2.4%, to finish at US$99.47 a barrel.
Brent also remained in technically overbought territory for the third session in a week. US stocks fell sharply on October 22.
Saudi Aramco orders staff to evacuate Dhahran headquarters
Saudi Aramco instructed employees to leave its headquarters in Dhahran, on the Gulf near Bahrain, Reuters reported, as fighting intensified between Saudi Arabia, the world’s largest crude exporter, and Yemen’s Houthis.
The Saudi-led coalition supports Yemen’s internationally recognised government and has been fighting the Iran-aligned Houthis since the group advanced towards Bab el-Mandeb, a vital shipping passage at the mouth of the Red Sea.
Analysts at energy advisory firm Ritterbusch & Associates attributed the oil market’s rebound to “another strong injection of risk premium” following a further Houthi attack on Saudi infrastructure. In a note, the analysts also pointed to talk of a joint US-Israeli strike on Iran after the US midterm elections.
“Reports of Middle East crude oil exports exceeding pre-conflict levels are more than countered by attacks on ships in the Strait of Hormuz and the Houthi strikes on Saudi Arabia and on its oil infrastructure,” PVM Oil analyst Tamas Varga said.
Morgan Stanley analysts estimated Middle Eastern crude exports at around 17 million barrels per day last week. Kpler put the region’s average exports at about 18 million barrels per day during the 12 months before the Iran war began.
Valero posts record profit and Libyan oil production falls
Valero Energy opened the US refiners’ earnings season on October 22 with its highest-ever quarterly profit, exceeding Wall Street expectations as fuel supply disruptions linked to the wars in Iran and Ukraine lifted refining margins in the third quarter.
Libya’s Hamada and Tahara oilfields reduced production after a valve was shut on the pipeline connecting the fields to Zawiya port, the head of the National Oil Corporation told Reuters on October 22.
Russia signals readiness for November talks with Ukraine
Russia announced on October 21 that it was ready to resume US-mediated negotiations with Ukraine in November, following talks between Russian President Vladimir Putin and US envoy Steve Witkoff in St Petersburg.
Ukrainian President Volodymyr Zelenskiy expressed hope that negotiations would begin early in November. The proposed talks would be the first since February.
Russia and Ukraine nevertheless continued their overnight attacks, with Russian ballistic missiles striking Kyiv and Ukraine sending hundreds of drones towards Moscow despite Washington’s latest effort to end the war.
Russia ranked as the world’s third-largest crude oil producer in 2025, behind the United States and Saudi Arabia, according to US energy data.
Sanctions intended to keep Russian energy out of global markets have helped support oil prices. An agreement ending Russia’s invasion of Ukraine, launched in February 2022, could allow Moscow to increase exports.
European Parliament backs three-year methane-rule delay
The European Parliament voted on October 22 to approve a three-year delay to European Union (EU) methane emissions rules for oil and gas imports, following pressure from governments including France and the United States.
Senior Russian political and energy officials also called on the EU on October 22 to reconsider its planned ban on Russian liquefied natural gas imports, arguing that low storage levels had left Europe vulnerable.
