Oil prices maintained their upward trajectory on Thursday, October 15, as a series of attacks across Russia and West Asia raised concerns over global supply stability. Brent crude hovered around $105 per barrel in early Asian trade, following a 1.3% rise in the first three days of the week. Meanwhile, US West Texas Intermediate (WTI) for November delivery dipped 0.3% to $94.77 per barrel.
The latest tensions were fueled by shipping attacks in the Gulf region, particularly the Strait of Hormuz. The Singapore-flagged container ship GFS Pride was struck by unknown projectiles on Tuesday, leading to a fire and its eventual sinking. Another ship, the GFS Giselle, suffered hull damage but managed to reach a safe anchorage. Separately, the bulk carrier Cape Dao sank following a September 23 attack that claimed one crew member.
Exporters faced logistical challenges as tankers avoided usual loading zones, with vessels carrying up to 37 million barrels altering their courses. In Russia, Ukrainian drones targeted refineries in the Saratov and Ryazan regions, prompting accusations of violating an "energy ceasefire" promoted by US President Donald Trump. The Ryazan refinery, processing about 400,000 barrels daily, is one of Russia's largest.
Brent crude had surged over 70% this year amid the US-Iran conflict, with the International Energy Agency noting that global oil inventories were near decade lows. The UAE, a former OPEC member, reported record oil production in the previous month. In the US, nationwide crude inventories reportedly dropped by 11.1 million barrels last week, the largest decline since June 2025.