Brent nears $113 as Saudi oil attacks heighten supply concerns

Brent crude futures climbed to almost $113 at the New York close on Thursday as further Houthi attacks on Saudi energy infrastructure raised concerns over an already constrained oil market, The Maritime Executive reported. The rise came despite Saudi assurances that an attempted strike on the Shaybah oil field had not interrupted operations.

Saudi Arabia’s energy ministry said air defences intercepted a drone on Wednesday as it attempted to hit a processing facility at Shaybah, in the Empty Quarter. According to the ministry, the aircraft was brought down beyond the perimeter fence, but falling debris struck a contractor’s vehicle. A Philippine national and a Nepali national died, while a Pakistani worker and an Indian worker were injured. A separate attack on King Fahd International Airport in Dammam killed two more people, the outlet reported.

The attacks have also triggered staff departures. The US State Department ordered non-essential diplomatic personnel to leave on safety grounds, while Saudi Aramco ordered its Dhahran headquarters evacuated. That site had been struck earlier in the month. Gulf Cooperation Council secretary general Jasem Mohamed Albudaiwi condemned the targeting of civilians and essential infrastructure.

Shaybah produces one million barrels a day, making the risk of damage significant for a market that The Maritime Executive described as undersupplied for months. The outlet said Gulf export volumes had returned to prewar levels only during the preceding week, leaving the latest security concerns to weigh on a recent recovery in shipments.

Separately, Iran’s government claimed three tankers had encountered naval mines near the Strait of Hormuz and four others had been hit during ship-to-ship transfers in the Arabian Gulf. Those claims remained unverified. UKMTO had reported no fresh strikes over the previous 24 hours, although the outlet said social media videos suggested possible supporting evidence. It highlighted tankers’ exposure during transfers, when loaded hoses and restricted manoeuvrability can put both vessels at risk.

Supply pressure also extended to Iranian crude. According to Kpler analysts cited by The Maritime Executive, Iran’s remaining floating stocks in East Asia had been sold to Chinese buyers. Kpler analyst Amena Bakr said the National Iranian Oil Company had loaded no cargoes since 25 August, with the US energy blockade fully effective for months.