Oil climbs as Mideast conflict, tanker attacks persist

Published October 12, 2026 Updated October 12, 2026 10:17am

Oil prices have extended gains as the Middle East conflict escalated after Yemen’s Houthis stepped up strikes on Saudi Arabia while two tankers were attacked over the weekend, raising concerns about oil supply from the region, Reuters reports.

Brent crude futures rose 76 cents, or 0.73 per cent, to $105.48 a barrel by 2304 GMT, while US West Texas Intermediate crude was at $92.44 a barrel, up 59 cents, or 0.64pc.

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