On September 9, 2026, an Iranian medium-sized oil tanker waits off the coast of Bandar Abbas in the Strait of Hormuz in Hormozgan province, Iran.
Anadolu | Anadolu | Getty Images
Oil prices rose on Wednesday as investors digested the International Energy Agency’s latest monthly report on the shape of the oil market.
brent crude oil futuresthe international benchmark added 37 cents to end at $106.06 per barrel. west texas intermediate It rose 95 cents to settle at $95.09 a barrel.
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The IEA’s October Oil Market Report, published on Wednesday, warned that renewed attacks on Saudi Arabia could derail the recovery on the supply side of the global oil market, with diesel market constraints likely to last until 2027.
Fighting between Saudi Arabia and the Iranian-backed Houthis continues to intensify, with the Saudi Energy Ministry announcing on Wednesday that the administration building of oil giant Saudi Aramco was attacked overnight. No injuries were reported at the scene in Dhahran, a city on Saudi Arabia’s east coast.
This follows a series of Houthi attacks on Saudi Arabia’s capital Riyadh over the past week, including a deadly attack on the city’s international airport.
According to Al Jazeera, Houthi energy terminals and fuel storage facilities in Yemen were attacked by the Saudi-led coalition, but a spokesperson said precautions were taken to avoid “collateral damage to civilians.”
Tensions also continued to rise between the United States and Iran.
U.S. Central Command has rejected claims by Iran’s Islamic Revolutionary Guard Corps naval commander that the Strait of Hormuz is under Iranian control and that any U.S. Navy warship that approaches it will be “sunk.”
“The RGC’s naval commander has no navy,” CENTCOM said in X-Post, adding that “the US military and regional partners clearly control the Strait of Hormuz.”
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Paul Tudor Jones, a hedge fund manager and prominent commodity trader, said on CNBC’s “Squawk Box” that the Iran conflict could push oil prices up another $20 to $25.
“I’m long oil…I’m bullish on oil…I think it could go up another $20 or $25,” said the founder and chief investment officer of Tudor Investments.
“If anything were to happen to improve the situation, it would have happened before the midterm elections,” he added.
