Business EconomyPosted at: Oct 22 2026 2:36PM

New Delhi, Oct 22 (UNI) Brent crude oil prices rose sharply on Thursday, climbing 3.23 per cent to around $112.27 per barrel, while US West Texas Intermediate (WTI) crude moved towards $99 per barrel following deadly attacks in Saudi Arabia. The latest escalation has heightened fears of further disruptions to global energy supplies amid continuing hostilities in West Asia.
The United States has also ordered some personnel and their family members to leave American diplomatic missions in Saudi Arabia, reflecting growing security concerns in the region. The attacks have added to uncertainty in oil markets, even as crude shipments through the Strait of Hormuz have picked up in recent weeks.
Brent, the global oil benchmark, has gained more than 80 per cent this year as the US-Iran war disrupted supplies from the Persian Gulf. The conflict is nearing its ninth month, keeping energy markets on edge over the possibility of further military escalation and prolonged supply disruptions.
Crude oil exports through the Strait of Hormuz have increased in recent weeks and are approaching levels seen before the conflict began. Some tankers have reportedly switched off their tracking transponders to avoid detection while transporting oil. However, shipments of refined petroleum products continue to face restrictions, limiting the recovery in overall energy trade.
Iran has stepped up attacks on shipping in the Strait of Hormuz, while Houthi militants backed by Tehran have repeatedly targeted Saudi Arabia. The developments have raised concerns about the security of critical maritime routes that handle a substantial share of global energy shipments.
Meanwhile, the United States and Israel have reportedly prepared plans for potential fresh strikes against Iran following next month's US midterm elections, The New York Times reported, citing American officials and others familiar with the discussions. The possibility of renewed military action has added another layer of uncertainty to the outlook for crude prices.
Separately, a tanker carrying Russian diesel is scheduled to sail to the United States on Thursday as Moscow begins implementing a supply agreement, Russian Deputy Prime Minister Alexander Novak told reporters on Wednesday, according to state news agency TASS.
The planned shipment comes amid continued volatility in global energy markets, where geopolitical developments and the security of supply routes remain key drivers of price movements.UNI VK AAB