Global oil prices are set to end a third straight week higher due to intensifying attacks on Saudi Arabia's oil and transport infrastructure. Market participants fear further disruptions in crude supplies from the Middle East, despite the gradual restoration of exports through the Persian Gulf.

This was reported by Bloomberg on October 23.

In Friday trading, benchmark Brent crude traded at about $114 a barrel, gaining almost 4% since the start of the week. U.S. West Texas Intermediate (WTI) rose above $100 a barrel.

The new escalation is linked to attacks by Iran-backed Yemeni Houthis on Saudi Arabia. The militants claimed strikes on the port of Yanbu on the Red Sea coast, as well as other targets in the kingdom. There is no independent confirmation of damage to Yanbu's oil infrastructure from the latest claimed attacks so far.

This port is of particular importance for the global oil market. It allows Saudi Arabia to export oil arriving by pipeline from the eastern part of the country, bypassing the Strait of Hormuz. Threats to this route heighten supply risks even if production is maintained.

Earlier the Shaybah oil field of Saudi Aramco and King Fahd International Airport in Dammam were hit. According to Saudi Arabia's Ministry of Energy, the attack on Shaybah did not disrupt production facilities, but led to the deaths of two people.

Meanwhile, crude oil exports from the Persian Gulf have resumed to nearly the levels seen before the start of the U.S.-Iran war. However, maritime transportation security remains a concern: some tankers pass through dangerous sections of the Strait of Hormuz with transponders turned off.

Since the beginning of 2026, Brent has risen by more than 85%. At the same time, prices for some refined products, especially diesel fuel, rose even faster due to limited supply and refining capacity.

As MarketWatch notes, the resumption of oil exports by itself does not guarantee rapid price declines. Energy prices continue to be influenced by risks of new attacks, logistics costs and high prices for refined products.

For countries dependent on fuel imports, particularly Ukraine, the persistence of high global prices poses additional risks of more expensive gasoline, gasoil and diesel purchases. This primarily affects carriers, logistics companies and enterprises using significant volumes of fuel.

Based on materials from: Bloomberg, Arab News, MarketWatch