Oil eases as markets assess potential waiver on Russian energy, Middle East supply risks

Newswire reports that international oil prices on Thursday, October 22, reached their highest point since May, amid rising Middle East tensions and concerns about possible interruptions to supply. Citing Reuters, the outlet says Brent crude advanced 3.08% to USD 112.17 per barrel and U.S. West Texas Intermediate stood at USD 99.83.

Newswire attributes the market concerns in part to a sequence of Houthi attacks in Saudi Arabia. The outlet says Yemen’s Iran-aligned movement struck an oil field and an airport used by civilians, and that at least three people died. Newswire also reports that the United States was moving some diplomatic personnel and their family members from Saudi Arabia and other Middle East posts as escalation fears grew.

Newswire reports that explosions in southern Iran and ongoing dangers to commercial vessels near the Strait of Hormuz further unsettled markets. The outlet describes the strait as a key passage for international energy shipments, meaning disruption there could put further upward pressure on oil prices.

Newswire says the latest price rise has renewed concerns over fuel expenses and broader inflation in countries that import oil, including Sri Lanka. It reports that local fuel prices will be shaped by international market movements, procurement costs and domestic pricing decisions.

Written automatically by AI from the outlets’ own reports, and not reviewed by an editor. It can be wrong — the original report is the authority.