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Brent Topped $111, a Five-Month High, After Houthi Claims of Attacks on Saudi Oil Sites. What It Means at the Pump
- Brent crude hit $111.05 a barrel on Tuesday, October 20, its highest since May. US WTI touched $104.94, its highest since September.
- Yemen's Houthis claimed attacks on an Aramco site in Yanbu, the Shaybah oilfield, Riyadh's King Khalid airport and Abha airport. Saudi Arabia had not confirmed the claims, and Reuters could not verify them.
- At least 18 vessels were reportedly attacked in the Gulf over two weeks, according to Kpler.
- Gulf crude flows had recovered to about 80% of pre-war levels, the US Energy Secretary said. ANZ warns of a new slowdown.
- Saudi Aramco shares fell about 1% on Tuesday.
What happened
On Monday, October 19, Yemen's Houthi movement said it had launched several rounds of attacks on targets inside Saudi Arabia:
- An Aramco facility in Yanbu, the Red Sea refining and export hub
- The Shaybah oilfield in the Empty Quarter
- King Khalid International Airport in Riyadh
- Abha airport in the south
Saudi authorities had not confirmed the claims, and Reuters could not independently verify them. The Financial Times reported the UK will deploy fighter jets to help defend Saudi Arabia.
The attacks come as forces backing Yemen's internationally recognized government, supported by Saudi Arabia, push an offensive to retake Houthi-held territory that began earlier this month.
Oil's reaction
| Benchmark | Level | Note |
|---|---|---|
| Brent, Oct. 20 intraday high | $111.05 | Highest since May |
| Brent, Oct. 19 close | $109.55 | Hit $110.70 earlier |
| WTI, Oct. 20 intraday high | $104.94 | Highest since September |
| Brent, Oct. 19 morning low | about $107.55 | After Russia sanctions pause |
Source: Reuters and AP, October 19-20, 2026.
The swing on Monday shows how jumpy the market is. Prices fell in the morning after the US paused new Russia sanctions (our report) and on reports of progress in US-Iran talks. Then the Houthi claims and new ship attacks sent them back up.
The Gulf is still the main event
The Strait of Hormuz has been largely closed since the US-Israeli assault on Iran began in late February. Flows had been recovering. US Energy Secretary Chris Wright said Gulf crude shipments were back to about 80% of pre-war levels.
But attacks on shipping are rising again. Shiptracker Kpler counted at least 18 vessels reportedly attacked in the Gulf over two weeks. Iran's Revolutionary Guard claimed a tanker hit a mine in the strait, which could not be verified.
ANZ warned the recovery is at risk. ING said the "risk premium" in prices would only fade slowly if flows continue undisturbed, and there's no sign of that yet.
What it means for energy stocks
- Producers (ExxonMobil, Chevron, Canadian Natural, Suncor and others) earn more with every dollar oil rises.
- Refiners can do well when fuel prices outrun crude.
- Saudi Aramco itself fell about 1% on Tuesday, a reminder that being near the attacks is a risk, not just a price boost.
- Losers: airlines, trucking and companies that rely on cheap fuel.
What it means for you
Pump prices usually follow crude within a week or two. US gasoline was already up 34% from a year earlier in September, and Canada's was up almost 28%. If you drive a lot, this is the time to use fuel-rewards programs and compare stations.
For investors, a long oil shock that slows growth while keeping inflation high is called stagflation. Our explainer covers how different assets have behaved in that environment.
What to watch next
- Saudi confirmation or denial of damage at Yanbu and Shaybah.
- Ship attacks in the Gulf and Red Sea.
- US-Iran talks: any credible progress could knock several dollars off the price quickly.
Frequently asked questions
Why did oil prices go up on October 20, 2026?
Yemen's Houthis claimed they attacked Saudi Aramco facilities in Yanbu, the Shaybah oilfield and two Saudi airports, and attacks on ships in the Gulf continued. Brent crude rose to $111.05 a barrel, its highest since May. Saudi authorities had not confirmed the Houthi claims.
What is the Shaybah oilfield?
Shaybah is a large Saudi Aramco oilfield in the Empty Quarter desert near the border with the United Arab Emirates. It produces light crude. Yanbu, on the Red Sea coast, is a major Saudi refining and export hub.
Will gas prices go up because of the Houthi attacks?
If Brent stays above $110, US and Canadian pump prices tend to follow within one to two weeks. Gasoline was already up 34% from a year earlier in the US and nearly 28% in Canada in September. A drop back below $100 would ease prices.
How do oil prices affect the stock market?
Higher oil helps energy producers and refiners but raises costs for airlines, transport companies and consumers, and pushes up inflation. That can lead central banks to keep rates higher, which weighs on growth stocks. Energy is one of the few sectors that has gained during the 2026 oil shock.
Who are the Houthis?
The Houthis are a Yemeni armed movement that controls much of northern Yemen, including the capital Sanaa. Saudi Arabia backs Yemen's internationally recognized government, whose forces began an offensive earlier in October to retake Houthi-held territory.
Primary sources
- Reuters via MoneyCheck — Oil prices climb to five-month high as Houthi strikes and Gulf ship attacks disrupt supply (Oct. 20, 2026)
- CNBC — Brent oil tops $109 after Houthi militants claim they attacked Saudi airports and Aramco facilities
- Business Recorder — Brent slips in choppy session as investors weigh attacks on ships, Saudi energy
- Fortune / AP — Oil drops as Trump puts Russia sanctions on hold (Oct. 19, 2026)
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Oct 20, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
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