Oil tops $106 after Riyadh airport attack

October 14, 2026 (MLN): Oil prices climbed on Wednesday amid growing concerns over potential supply disruptions as fighting between Saudi Arabia and Iran-backed Houthi forces in Yemen intensified.

Currently, Brent crude futures is up, 0.64%, at $106.17 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $2.01, or 2.17%, to $94.60 per barrel by [09:48 am] PST.

The escalation followed a deadly Houthi attack on Riyadh’s main airport. In response, a Saudi-led coalition struck Houthi energy terminals and fuel storage facilities in Yemen, Al Jazeera reported. A coalition spokesperson said precautions had been taken to prevent civilian casualties.

Meanwhile, tensions between Washington and Tehran remained elevated, with the U.S. Central Command rejecting claims by Iran’s Islamic Revolutionary Guard Corps Navy commander that Tehran controlled the Strait of Hormuz and would sink any approaching U.S. warships.

In a post on X, CENTCOM dismissed the remarks, asserting that American forces and regional partners maintained control over the strategic waterway, a critical route for global oil shipments.

Against this backdrop, veteran hedge fund manager and commodity trader Paul Tudor Jones warned that oil prices could climb another $20 to $25 per barrel amid the Iran conflict, as reported by CNBC.

Speaking on CNBC’s Squawk Box, the founder and chief investment officer of Tudor Investment said he remained bullish on oil and expected further gains. He also suggested that a potential de-escalation was unlikely to materialize before the U.S. midterm elections.

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