Oil holds above $112 amid Houthi attacks, supply fears

October 30, 2026 (MLN): Oil prices climbed in early trading on Friday, extending their gains for a fourth consecutive month, as escalating Houthi attacks on Saudi Arabia heightened concerns over potential disruptions to regional oil supplies.

Currently, Brent crude futures is down, 2.20%, at $112.35 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $1.33, or 1.30%, to $103.33 per barrel by [11:28 am] PST.

Brent crude was on track to record a monthly gain of nearly 14%, while West Texas Intermediate (WTI) was set to rise around 15%, closing above $100 per barrel for the first time since April. Both benchmarks were heading for their strongest monthly performance since July.

Geopolitical tensions intensified after Yemen's Iran-aligned Houthi group claimed attacks on several Saudi targets on Thursday, including the Ras Tanura refinery, the country's largest, the Rabigh refinery and an Aramco facility in Abqaiq.

Meanwhile, a Saudi-led coalition reported intercepting a cruise missile launched towards the kingdom's western region, according to CNBC.

Oil market sentiment remained supported by continued security concerns around the Strait of Hormuz and uncertainty surrounding diplomatic efforts to ease tensions.

Diplomatic developments offered little immediate relief to markets. US President Donald Trump said on Thursday that Vice President JD Vance had contacted Iran to facilitate the delivery of medical supplies, following reports that Vance had written to Tehran's top security official in an effort to revive peace negotiations.

Iran has received the letter but has yet to respond, the semi-official Tasnim news agency reported. The agency added that Tehran expects Washington to meet its conditions, describing any position outside its proposed framework as unacceptable.

Adding to supply concerns, Iran's Revolutionary Guards said three oil tankers had struck sea mines, exploded and caught fire while attempting to navigate an unauthorised route south of the Strait of Hormuz.

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