Crude oil prices are maintaining their upward momentum in early Asian trading on Friday, October 23, 2026, driven by escalating Houthi attacks on Saudi Arabia. Brent Crude closed above $113 a barrel overnight, while West Texas Intermediate (WTI) crude is trading near $99 a barrel, following a 2.4% surge the previous day.
The Houthis have claimed responsibility for recent attacks on key Saudi energy infrastructure, including the Aramco port of Yanbu, the Shaybah oil field, and the King Fahd airport. US President Donald Trump added to the geopolitical tensions by stating that the US has 'knocked out Iran' and hinted at further actions without providing details.
Saudi Aramco has evacuated its headquarters in Dhahran and instructed staff to work from home, though the reasons for this move remain unclear. Meanwhile, oil flows through the Strait of Hormuz are recovering, but attacks on tankers continue, leading to constrained shipments and record-high diesel prices in the US. In response, Trump has signed a deal with Russia for diesel supply, waiving sanctions for 60 days.
Despite rising futures prices, the cost of physical crude barrels, or 'Dated Brent,' has fallen nearly $15 in the last two weeks to around $120 a barrel. Analysts suggest that if supplies remain steady and freight rates continue to decline, oil futures could drop in the coming weeks. However, they caution that significant risks remain due to ongoing geopolitical instability.