Brent Closes at $117.25 as Supply Concerns Mount After Saudi Attacks
Key Facts
Brent crude closed at $117.25 a barrel on October 23, compared with $113.17 the previous day, according to EL7 data. The rise came as concerns about energy supplies mounted after Houthi attacks targeted King Fahd International Airport in Dammam and the Shaybah oil field in the Eastern Province, according to the Saudi Press Agency. The price increase reflects market concerns about potential supply disruption, but does not establish that production at the field actually stopped. EL7 data also showed West Texas Intermediate closing at $103.73 a barrel on October 23. That puts the two benchmarks’ moves on a day when concerns linked to attacks on critical targets in Saudi Arabia widened.
The Saudi Press Agency said the attacks took place on October 21 and were announced the following day, killing one Saudi citizen and three Asian residents and injuring 10 people. It added that the attacks caused material damage to the targeted facilities. The targets included King Fahd International Airport in Dammam and the Shaybah oil field, the agency said. The attack on the field directly links supply concerns to an oil facility, without indicating that production stopped or was affected in scale. These facts define the scope of the reported attacks rather than generalizing them to the region’s oil infrastructure.
On air traffic, Saudi Arabia’s General Authority of Civil Aviation announced the resumption of operations at King Fahd Airport and the return of air traffic to normal. The announcement indicates that activity at the airport resumed after it was targeted, while concerns related to Shaybah and energy markets remained. The authority gave no further details in its announcement about damage to the airport or the timing of the operational restart. The Saudi Press Agency reported the casualty toll and material damage in its statement on the attacks. The picture combines a recovery in air traffic with continued market monitoring of supply risks.
More broadly, the International Energy Agency said North Sea Dated crude rose $26.17 a barrel month over month to $116.89 in September, amid renewed fighting in the Middle East and faster buying by Asian refineries. The agency said Brent futures had risen 13% since the start of September to about $107 a barrel at the time its October report was prepared, while the actual prices of some crude grades rose more. The U.S. Energy Information Administration estimated the average Brent spot price at $114 a barrel in September, up $23 from August. The agency attributed the increase to intensified attacks on oil infrastructure and tankers in the Middle East. These figures provide context for a rally that preceded the October 23 close, while reflecting different benchmarks and periods.
The U.N. secretary-general warned of continued Houthi attacks on civilian targets in Saudi Arabia, according to the Saudi Press Agency. He said the escalation of the conflict has repercussions for energy markets, supply chains and financial systems, adding to cost-of-living pressures around the world. The remarks link the widening conflict to economic concerns beyond the oil market, without providing a numerical estimate of its impact. By contrast, the available data do not quantify actual supply disruption caused by the targeting of Shaybah. Price movements on October 23 remain recorded in closing data, while estimates of halted production cited in forecasts concern future assumptions.
The U.S. Energy Information Administration forecast an average Brent price of $105 a barrel in the fourth quarter of 2026, up $14 from its estimate the previous month. The agency said it assumes that restrictions on oil flows from the Middle East will persist during the quarter, with average production shut-ins of 4.5 million barrels a day. These figures present the agency’s assumptions for the coming period and are not evidence of confirmed production disruption after the Saudi attacks. Meanwhile, the seven participating OPEC+ countries kept their required November 2026 production at September levels. The organization said its next meeting to review market conditions will be held on November 1, 2026.