Global oil prices hit highest level in 5 months amid attacks on ships, facilities

Key Points:

• Global oil prices surged to their highest level in five months, with Brent crude futures surpassing $111 a barrel, driven by attacks on Middle Eastern oil infrastructure claimed by Iran and Houthi allies.
• The UK Maritime Trade Operations Center reported an incident involving a tanker and military forces near Oman, while Iranian forces said two oil tankers hit naval mines south of the Strait of Hormuz.
• Houthi militants targeted Saudi Arabia's Shaybah oil field and Aramco facilities in Yanbu, escalating tensions in the region and contributing to the oil price spike.
• U.S. oil prices also rose sharply, with West Texas Intermediate futures reaching $105.75, reflecting a more than 60% increase since the Iran war began, impacting fuel costs amid rising inflation concerns ahead of the U.S. midterm elections.
• Despite the U.S. being a major oil producer with limited Middle Eastern imports, global supply disruptions have led to higher gasoline prices domestically, with the average U.S. gas price reaching $4.27 per gallon.