Brent Crude Surges to $113 as Houthi Attacks on Saudi Arabia Slash US Export Flows to Asia

Oil markets absorbed a sharp escalation in Middle East conflict this week, with Brent crude surging 4% to $113.17 a barrel and WTI gaining 2.4% to $99.47 after Iran-backed Houthi militants launched a series of deadly attacks on Saudi Arabia. The strikes hit targets including King Khalid International Airport in Riyadh, Aramco facilities at Yanbu and the Shaybah oilfield, and Abha airport, killing 12 people and injuring more than 300 in what traders described as a major escalation. The US Embassy ordered personnel to leave certain posts amid the deteriorating regional security situation.

The broader Iran war has simultaneously crippled global shipping routes, sending Pacific tanker lease costs to a record of nearly $80 million and driving US crude exports to Asia toward multi-year lows. Asian refinery orders for US crude for November delivery fell roughly 50% sequentially to between 24 million and 26 million barrels, a pace that would represent a seven-year low based on ship-tracking data from Kpler and Vortexa.

The cumulative market impact has been severe. The Brent crude ETF, ticker BNO, closed Thursday up 143% year-to-date, a record, and has gained more than 1,000% since April 2020, with the bulk of that rise coming since mid-December 2025. December WTI futures settled at $99.47 and December RBOB gasoline rose 1.66% to close at a corresponding premium, reflecting tightening refined product supplies alongside the crude rally.