International Oil Prices Hit 5-Month High... Brent Crude Tops $110

Trump: "Iran spreading false claims to drive up oil prices"
Houthi rebel offensive fuels fears of renewed strikes on Iran

Reuters-Yonhap News

International oil prices hit a five-month high. As attacks by Yemen's pro-Iran Houthi rebels on Saudi Arabia continued, reports that the United States and Israel would resume attacks on Iran after the midterm elections on November 3 next month pushed up oil prices. U.S. President Donald Trump accused Iran of engaging in false provocations to drive up oil prices ahead of the midterm elections.

December Brent crude futures rose $4.35, or 4%, from the previous session to settle at $113.17 per barrel on the ICE Futures Exchange in London. CNBC reported that this was the highest level since May. December West Texas Intermediate (WTI) crude futures ended at $99.47 per barrel on the New York Mercantile Exchange, up $2.32, or 2.39%, from the previous session.

Oil prices surged that day amid instability in the Middle East. Clashes between the Houthi rebels and the Saudi-led coalition have intensified as the Houthis advance toward the Bab el-Mandeb Strait, a key maritime chokepoint at the entrance to the Red Sea. In a statement that day, Houthi military spokesman Yahya Saree said, "Over the past 48 hours, we have carried out a total of four major military operations deep inside Saudi territory using ballistic missiles and drones." He claimed that the Houthis had successfully carried out a precision strike on the Defense Ministry headquarters in the Saudi capital, Riyadh, and hit King Fahd International Airport in Dammam in the east, paralyzing air traffic.

As Houthi attacks continued, Saudi state-owned oil company Saudi Aramco reportedly ordered employees at its headquarters in Dhahran, on the Gulf coast near Bahrain, to evacuate. The U.S. government also ordered non-essential personnel and their families to leave its diplomatic missions in Saudi Arabia. Tamas Varga, an analyst at energy analysis firm PVM, said, "There are reports that Middle Eastern oil exports have exceeded pre-war levels, but concerns over attacks on vessels in the Strait of Hormuz and Houthi attacks on Saudi Arabia and its oil facilities are outweighing that."

Market anxiety intensified following reports that the United States was regrouping its forces and would strike Iran again after the midterm elections. The New York Times (NYT), citing anonymous U.S. officials, reported that the United States and Israel had drawn up specific plans to resume attacks on Iran after the U.S. midterm elections next month.

Trump, however, blamed Iran for the sharp rise in oil prices. In a post that day on Truth Social, a social media platform, he said, "Iran is doing everything it can to drive up oil prices ahead of the U.S. midterm elections. It is making false claims that attacks have hit their targets and staging mine attacks, among other things."

This content was produced with the assistance of AI translation services.