Oil prices rose Wednesday as Middle East supply concerns kept markets on edge, after attacks on tankers near the Strait of Hormuz and Saudi energy facilities. Brent gained 1.22% to $110.13 a barrel and U.S. WTI rose 1.11% to $98.92. Iran's Revolutionary Guards said naval mines had prevented three tankers using routes Tehran considered unauthorized and set two violating tankers ablaze. Yemen's Houthis claimed responsibility for strikes on Saudi Aramco facilities in Yanbu, the Shaybah oilfield and airports in Riyadh and Abha. Goldman Sachs said the global average crude freight rate has risen above $20 per barrel from $3 a year earlier, with war-risk premiums for the Strait of Hormuz accounting for about $7 of that increase, and warned higher costs could squeeze Asian refiners' margins and lift refined fuel prices.
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XAU/USD
▲ Likely positiveRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/20/2026 | 4,125.21 |
| Change that session | -0.38% |
PLX
▼ Likely negativePetrolimex
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Oil & Gas |
| Industry | Integrated Oil & Gas |
| Market cap | 44,598 bn VND |
| P/E | 13.9 |
| P/B | 1.84 |
| Close on 10/20/2026 | 35.10 |
| Change that session | -0.14% |
PVD
▲ Likely positivePetroVietNam
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Oil & Gas |
| Industry | Oil Equipment & Services |
| Market cap | 16,699 bn VND |
| P/E | 15.0 |
| P/B | 0.96 |
| Close on 10/20/2026 | 18.00 |
| Change that session | +1.69% |
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Related news
- Two tankers hit mines in Strait of Hormuz : Iran navy
Iran's Revolutionary Guards navy says two oil tankers caught fire after hitting naval mines while crossing the Strait of Hormuz, according to IRNA, and state media said each carried about 2 million barrels of crude. IRNA said the vessels had switched off their positioning and radar and used an unauthorised route, and that one was left immobilised; no independent confirmation was available. Maritime officials said on Wednesday that a container ship and a dry bulk carrier sank near the strait in separate incidents after being hit by projectiles. Attacks around the waterway have surged over the past two weeks, with Iran saying it is stepping up strikes in response to the US blockade of its ports and sanctions imposed last month. The strait, only 35 to 40 km wide at its narrowest point, is the centre of the Iran-US conflict, and limited access has pushed up fuel prices worldwide.
- One Singapore ship was sunk, but here's why others are still transiting the Strait of Hormuz
Two Singapore-flagged container ships, GFS Pride and GFS Giselle, were attacked this week; GFS Pride sank after being struck by a projectile and catching fire, while GFS Giselle was damaged, and both crews were reported safe. Analysts say shipping through the strait is unlikely to stop entirely, as strong demand for Middle Eastern energy and commercial opportunities keep some operators willing to accept higher risks and costs. Kpler data show crossings fell to 131 in the week ended Oct. 14 from 176 the previous week, though the decline cannot be attributed solely to these incidents. Most major container lines have not resumed Hormuz services since the war broke out in February, with only some regional operators running sporadic services on smaller feeder vessels.
- Iran plan to open shipping lane still on the table
Iran's Foreign Minister Abbas Araqchi says Tehran's proposal to reopen the Strait of Hormuz within 7 days, made in mid-September after an interim ceasefire collapsed, is still on the table. If Washington accepts Iran's conditions, including lifting the US blockade of its ports and sanctions on oil exports and ending hostilities on all regional fronts, the strait could reopen within 6 days, with talks resuming the next day. The main dispute is Washington's demand that Iran's nuclear program be addressed from the outset, with Vice President JD Vance calling for a “meaningful” cut to Iran's uranium enrichment capacity. Meanwhile, Iran's Revolutionary Guards navy says two oil tankers caught fire after hitting naval mines in the strait, a claim IRNA reported without independent confirmation, as attacks around the waterway have surged over the past two weeks.
- Iran plan to open shipping lane still on the table
Iran's Foreign Minister Abbas Araqchi says Tehran's proposal to reopen the Strait of Hormuz within 7 days remains on the table, and the strait could reopen within 6 days if Washington accepts Iran's conditions, including lifting the US blockade of its ports, lifting sanctions on oil exports and ending hostilities on all regional fronts. Talks have stalled because Washington has not addressed all 7 conditions, while the US insists on addressing Iran's nuclear program from the outset. Iran's Revolutionary Guards navy says 2 oil tankers caught fire after hitting naval mines in the strait, a claim that has not been independently confirmed. Maritime officials also said a container ship and a dry bulk carrier sank after being hit by projectiles in separate incidents. The strait is only 35 to 40km wide at its narrowest point, and shipping disruptions from the 8-month war have pushed up global energy prices and inflation.
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- Defending Saudi Arabia is essential to protecting the global economy
The article argues that Saudi Arabia's security is a strategic concern for the global economy, as attacks on airports and oil refineries threaten energy supplies worldwide. On October 10, a Houthi missile reportedly struck King Khalid International Airport in Riyadh, killing 13 people and injuring more than 300. With the Strait of Hormuz disrupted during the Iran war, the East-West Pipeline became a key alternative route, carrying about 4 million barrels per day before drone attacks forced its temporary closure in September. The piece says geopolitical risk pushed Brent above $100 per barrel, burdening consumers and airlines, and it cites Greece's Patriot deployment as a model for partner contributions, calling for a broader, shared defense effort.
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