DTN Oil Update
Brent Jumps to 2-Week High amid Heightened Supply Risks
VIENNA (DTN) -- Crude oil futures rose Monday morning after Houthi strikes on Saudi infrastructure over the weekend added to concerns over the stability and longevity of the current Middle Eastern oil supply recovery.
By 8:45 a.m. EDT, ICE Brent for December delivery was up $2.08 to trade near $106.80 bbl, and NYMEX WTI for November delivery rose $1.91 to $93.76 bbl.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
Downstream, NYMEX RBOB for November delivery advanced $0.0357 to $3.3309 gallon, while front-month ULSD futures bucked the trend, retreating $0.0303 to $4.7081 gallon.
The U.S. Dollar Index strengthened by 0.2 points to 102.22 against a basket of foreign currencies.
Tehran-allied Houthis have since the start of the Saudi-backed offensive in Yemen, aimed at retaking areas near shipping chokepoints, ramped up strikes on Saudi infrastructure. On the weekend, they twice successfully struck the Riyadh international airport, raising concerns over the kingdom's apparent limited ability to defend vital infrastructure from drone and missile attacks. Last month, drones launched from Iraq damaged pumping stations along the East-West pipeline, leading to a two-week suspension of Saudi crude oil exports from the Red Sea.
Geopolitical supply risks were also brewing elsewhere. Iran has markedly intensified attacks on commercial ships in the Strait of Hormuz, which this month have become a daily occurrence. Russia, meanwhile, continued to target energy infrastructure despite the U.S. President's proclamation of an "energy ceasefire," striking a Ukrainian natural gas production and storage facility in Kharkiv late Sunday.
Following a phone call with his Russian counterpart, U.S. President Donald Trump on Friday demanded that Ukraine ceased attacks on Russian refineries. Kyiv has since refrained from attacking Russian energy infrastructure.
Trump also announced the one-time purchase of some 3.75 million bbl of sanctioned Russian diesel to alleviate prices at the pump ahead of next month's midterm elections. Given that high prices are primarily the result of a global supply crunch and not a domestic one, and considering that this volume is equivalent to roughly one day of consumption or 17 hours of domestic production, market observers were skeptical that this temporary sanctions-waver will have a significant impact on prices.
(c) Copyright 2026 DTN, LLC. All rights reserved.