Oil reaches six-month high, tops $ 112 on Mideast tensions

Friday, 23 October 2026 04:56 - - {{hitsCtrl.values.hits}}

Oil prices hit their highest since May yesterday after Yemen’s Iran-aligned Houthi movement attacked targets in Saudi Arabia, deepening fears of supply disruption.

Brent crude rose 3.08% to $ 112.17 a barrel, while US West Texas Intermediate (WTI) climbed to $ 99.83.

The Houthi attacks, which hit an oil field and a civilian airport, killed at least three people. The US moved to withdraw some diplomatic personnel and their families from Saudi Arabia and other Middle East missions amid fears of further escalation, while reports of explosions in southern Iran and continuing threats to shipping around the Strait of Hormuz, a key route for global energy shipments, added to market jitters.

The surge has revived concerns over fuel costs and inflation in oil-importing countries, including Sri Lanka, though the impact on domestic fuel prices will depend on international market trends, procurement costs and local pricing decisions.