Oil holds above $112 amid Houthi attacks, supply fears

Oil benchmarks were on course for steep monthly gains on October 30 as Houthi attacks on Saudi targets renewed concern about regional supply, Mettis Global reported. Brent was quoted 2.20% lower at $112.35 per barrel, while WTI gained $1.33, or 1.30%, to $103.33 by 11:28 am PST. Brent was set to advance nearly 14% for the month, with WTI up around 15% and poised to finish above $100 for the first time since April.

The Houthis said they had attacked several Saudi sites, including the Ras Tanura and Rabigh refineries and an Aramco facility in Abqaiq. A Saudi-led coalition said it intercepted a cruise missile headed for the kingdom’s western region, while security concerns around the Strait of Hormuz continued to weigh on supply expectations. Iran’s Revolutionary Guards also said three tankers hit sea mines and caught fire near the strait; diplomatic contacts between Washington and Tehran had not produced an immediate easing of tensions.