Global oil prices rose on Thursday, October 22, following new attacks on Saudi Arabia's energy and transport infrastructure. Investors fear further escalation of the conflict in the Middle East and possible supply disruptions, although oil exports from the region are gradually recovering.

According to Bloomberg, during morning trading benchmark Brent crude rose to around $111 per barrel, while US West Texas Intermediate (WTI) approached $99. Quotes remain sensitive to reports of new attacks on oil facilities and transport routes.

A new cause for concern was the attack on the Shaybah field operated by Saudi Aramco, which has a production capacity of about 1 million barrels per day. On Wednesday, October 21, Saudi air defenses intercepted a drone aimed at one of the field's production facilities.

According to the Saudi Ministry of Energy, debris from the intercepted drone caused a fire in a vehicle belonging to a contractor outside the production complex. Two people died and two were injured as a result of the incident.

Despite the attack, operations at the field were not affected. Saudi authorities stated that production continues without interruption. Thus, no direct reduction in output due to this incident has been recorded.

At the same time, the international airport King Fahd in Dammam came under attack. The attack resulted in casualties, injuries, and damage to infrastructure. Amid growing security threats, the US ordered some diplomatic staff and their families to leave Saudi Arabia.

These events heightened oil market participants' concerns about the security of production facilities and transport infrastructure of the world's largest oil exporter. Even without an actual halt in production, repeated attacks could increase risks to supply continuity.

At the same time, crude oil exports from Persian Gulf countries have already approached pre-war levels. According to the Financial Times, citing data from analytics company Kpler, during the week to October 18, shipments from the Middle East reached approximately 24.6 million barrels per day. This exceeds the company's estimated pre-war level of 23.3 million barrels.

The recovery became possible thanks to the restructuring of export logistics. Saudi Arabia and other producers are increasingly using alternative pipelines, ports on the Red Sea, and ship-to-ship transfers outside the Strait of Hormuz.

However, the return of overall export volumes does not mean a full restoration of normal shipping through Hormuz. Some tankers traverse dangerous areas with their transponders off, and direct shipments through the strait remain below pre-war levels. This also complicates accurate assessment of export volumes.

The oil products market is recovering more slowly than crude oil supplies. Limited transportation capacity for gasoline, diesel, and other refined products, as well as high freight and insurance costs, continue to affect energy prices.

According to Bloomberg, since the beginning of 2026 Brent has risen by more than 80% due to supply disruptions from the Persian Gulf following the start of the US-Iran war. Despite the restoration of some export routes, new attacks on Saudi infrastructure keep the risk of supply interruptions and support high oil prices.

Sources: Bloomberg, Saudi Press Agency / Arab News, Financial Times