Brent Climbs as Houthi Attacks Raise Supply Fears

Brent crude futures climbed 0.79% to $103.06 a barrel in early trading on Monday, October 5, 2026, following reports that Yemen’s Houthis had launched attacks on Saudi Aramco sites in Riyadh and Khurais. The escalation raised concerns about potential disruptions in Saudi Arabia’s oil production, which is critical for global supply. By 5:02 am Thai time (10:02 pm GMT on Sunday), Brent had gained 81 cents per barrel, while US West Texas Intermediate crude rose 0.50% to $91.57 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, maintained their November production targets after a brief online meeting of seven core members on Sunday. The decision, which included Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, aligned with market expectations. The alliance plans to reconvene on November 1 to reassess the situation.

Despite the unchanged production targets, Gulf OPEC+ producers have been operating below their capacity due to the ongoing US-Israeli conflict with Iran. Reports indicate that exports have fluctuated between 60% and 80% of normal levels in recent months. UBS analyst Giovanni Staunovo noted that while flows through the Strait of Hormuz have increased, output remains well below quota, keeping the oil market tight.

The conflict has also delayed OPEC+’s review of production capacity, which is essential for determining members’ quotas for 2027. Industry sources cited uncertainty about future production potential as a complicating factor. With approximately 2 million barrels per day of production cuts still in place, further policy changes are unlikely before 2027.