Economy
Oil Prices Surge Amid Middle East Attacks
BirrMetrics · 3 hours ago · Read the Full Story on BirrMetrics
AI SUMMARY
Global oil prices surged nearly two percent to a two-week high on Monday following renewed attacks on Saudi infrastructure and tankers near the Strait of Hormuz.
- Global oil prices rebounded sharply on Monday, October 12, 2026, climbing nearly two percent to their highest levels in almost two weeks.
- Brent crude futures settled at 106.65 US dollars per barrel, gaining 1.93 US dollars, or 1.8 percent.
- US West Texas Intermediate crude rose 1.89 US dollars, or approximately 2 percent, to close at 93.74 US dollars per barrel.
- Yemen's Houthi movement claimed responsibility for a strike on Riyadh's King Khalid International Airport on Saturday that killed 13 people and injured over 300 others.
- Maritime authorities reported a drone strike on a tanker near Oman's Sohar port and damage to another vessel near the Strait of Hormuz.
- Saudi Arabia plans to increase its oil export capacity through pipelines to as much as 10 million barrels per day to reduce dependence on vulnerable maritime routes.
- Saudi Energy Minister Prince Abdulaziz bin Salman stated that temporarily converting an existing natural gas pipeline could add 1.2 million barrels per day within seven to eight weeks.
- The oil price increases present additional risks for import-dependent economies like Ethiopia, impacting foreign exchange expenditure, transportation costs, and domestic inflation.
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