Oil opens higher as markets assess Saudi and tanker attacks

Crude futures started the week with modest gains as traders assessed attacks in Saudi Arabia and near a key shipping route. In early trading for October 12, 2026, Brent was around $105 per barrel and West Texas Intermediate near $92. Bloomberg reported renewed strikes on Riyadh’s King Khalid International Airport and a drone attack on a tanker near Sohar, Oman, on October 11.

Brent had risen more than 70% since January. Middle Eastern producers had restored exports through the Strait of Hormuz to nearly pre-conflict volumes, but the latest vessel attacks put the continuity of these shipments in focus. Shipping remained a central factor in market pricing.

Separately, President Donald Trump reported a Russia-Ukraine energy ceasefire and described efforts with Vladimir Putin to increase Russian diesel supplies. Traders also monitored Hurricane Isaias’s effects in the United States. The Department of Energy authorized an emergency exchange of up to 4 million barrels from strategic reserves to address supply interruptions.

Source: Bloomberg
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