Oil prices rose about 2% on Monday as Saudi attacks and incidents involving a Hormuz tanker raised supply concerns. Brent futures reached $106.76 a barrel, up from $104.72.
Brent gained $2.04 a barrel, reaching its highest level since September 29. US West Texas Intermediate (WTI) crude increased $1.84 to $93.69 a barrel from $91.85. Concerns about Middle Eastern supplies outweighed expectations of additional Russian fuel exports.
United Kingdom Maritime Trade Operations (UKMTO) reported that a drone struck a tanker near Oman’s Sohar anchorage. Another tanker sustained damage from an unidentified projectile while transiting the Strait of Hormuz.
Yemen’s Iran-aligned Houthis claimed responsibility for Saturday’s attack on Riyadh’s international airport. Saudi authorities reported injuries in a further attack on the airport on Sunday.
Those incidents occurred after a partial recovery in regional exports.
Gulf countries, excluding Iran, exported an average of 19.2 million barrels per day in September, according to Vortexa data. Before the war began on February 28, exports averaged 23.6 million barrels per day.
September’s shipments therefore reached more than 81% of pre-war levels. However, crude and condensate exports recovered more strongly than refined fuels, leaving diesel and jet fuel supplies under pressure.
Read: European Stocks Gain 0.6% as Oil Slips to $104.37
Saudi Arabia has previously used its East-West pipeline to redirect crude to the Red Sea port of Yanbu. That route lets shipments bypass Hormuz, though attacks on energy infrastructure pose separate risks.
US President Donald Trump said Russia would immediately supply more than 300,000 metric tonnes of diesel to international markets. He expected further deliveries and announced a Russia-Ukraine ceasefire covering energy infrastructure.
Moscow has partially lifted its diesel export ban, potentially allowing about 500,000 tonnes of diesel onto international markets.
International Energy Agency Executive Director Fatih Birol urged member countries to assess their diesel requirements. He encouraged them to accelerate previously pledged releases where necessary.
Goldman Sachs raised its December Brent forecast to $90 a barrel from $85. The bank expects adjustments to Middle Eastern supply routes to ease crude prices over time, but warned that renewed escalation could push prices higher.
Meanwhile, Gulf of Mexico energy companies were working to restore production after Hurricane Isaias made landfall over the weekend.