MUST READ | Brent crude could ease to $80 as oil supplies recover from disruptions: Goldman Sachs
Brent crude futures gained 52 cents, or 0.47%, to $110.07 a barrel by 0628 GMT, after touching $110.70 in the previous session, the highest since May 20. US West Texas Intermediate crude futures for November delivery rose 0.36% to $104.03, while the more actively traded December contract increased 26 cents, or 0.26%, to $98.80.
Ship-tracking firm Kpler reported at least 18 vessels had been attacked over two weeks, sustaining a risk premium in oil prices. Yemen’s Iran-aligned Houthis claimed attacks on Saudi energy, airport and military targets, including an Aramco site in Yanbu and the Shaybah oilfield.
A Houthi attack on a training camp for government security forces in Yemen’s Shabwa province on Monday killed 58 people and injured more than 200, adding to concerns over regional stability and energy supplies.
ING analysts said oil markets were pricing in a significant risk premium amid volatility, which could gradually ease if oil flows remained uninterrupted. However, there were no signs of easing yet.
Uncertainty over Russia-related sanctions and tariffs also weighed on market sentiment. President Donald Trump issued an executive order waiving key sanctions and tariffs linked to Russia, but said he had not made a final decision. Secretary of State Marco Rubio said officials needed more time to assess the situation.
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The International Energy Agency reported that Russian crude production rose by 65,000 barrels per day in September to 8.43 million barrels per day, remaining around 870,000 barrels per day below the year-earlier level.
KCM Trade chief analyst Tim Waterer said additional Russian diesel supplies offered some relief, but traders remained focused on the risk of further damage to Gulf energy infrastructure.