LONDON, October 14, 2026 (DAILYNWZ) — Oil prices climbed on Wednesday after an attack on the headquarters of Saudi Aramco and reports that Iran was adopting new tactics to target ships, raising concerns over supplies through the Strait of Hormuz and the risk of further disruption to global energy markets.
Brent crude futures rose 91 cents, or 0.9%, to $106.60 a barrel at 1110 GMT. US West Texas Intermediate crude gained $1.65, or 1.8%, to $95.79, its highest level in more than two weeks.
Iranian officials told Reuters that Tehran was deploying new methods to target ships, seeking to keep oil prices elevated and influence US midterm elections. They declined to provide details, but one official said Iran had begun using different offensive tactics about 10 days ago.
The developments have added to concerns about oil exports from the region, although shipments have so far held up, said Giovanni Staunovo, an analyst at UBS.
“Attacks on ships crossing the Strait of Hormuz and military strikes between Saudi Arabia and the Houthis are supporting prices as market participants remain concerned about lower oil exports from the region,” he said.
Priyanka Sachdeva, head of market insights at Phillip Nova, said the Iranian officials’ remarks raised questions about Tehran’s intentions in ongoing diplomatic efforts. She said their willingness to acknowledge efforts to undermine US attempts to contain oil prices was significant.
“Attacks Spread Across the Region”
The Iran-aligned Houthi group attacked an administrative building belonging to Saudi state oil company Saudi Aramco in Dhahran, causing a limited fire, Saudi Arabia’s energy ministry said on Wednesday.
The Houthis have launched ballistic missiles and drones at Saudi Arabia over the past week in retaliation for Riyadh’s support for Yemeni government forces. Saudi Arabia’s international airport has been hit four times, with a strike on Saturday killing 13 people.
Separately, a container ship sank south of the Strait of Hormuz after hitting a naval mine and catching fire, Iran’s Revolutionary Guards Navy said in a statement carried by state media on Wednesday.
The UK Maritime Trade Operations agency had reported a day earlier that a container ship and a tanker were struck by unidentified projectiles inside the strait, a critical route for global oil shipments.
“Russian Fuel Offers Limited Relief”
Potential increases in Russian diesel supplies could help ease some pressure on fuel markets, limiting the scope for sharp price movements, said Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment.
US President Donald Trump said last Friday that Russia had agreed to supply diesel to global markets. His administration also temporarily eased US sanctions on Russian fuel, restrictions originally intended to deprive Moscow of revenue for its war in Ukraine.
Russia’s crude oil production rose by 65,000 barrels per day in September to 8.43 million barrels per day, but remained 870,000 barrels per day below its level a year earlier, the International Energy Agency said on Wednesday.
The IEA cautioned that limited operating capacity at Russian refineries meant the easing of diesel export restrictions was unlikely to materially change the global gasoil market balance. Constrained diesel supplies could persist well into next year, it said.
The competing pressures leave oil markets vulnerable to further supply shocks, particularly if attacks on shipping intensify or regional exports begin to fall.