Houthi–Saudi hostilities escalated, with strikes on the East-West pipeline, Yanbu and Ras Tanura, while 29 tankers were hit in October, a wartime record. Brent peaked at USD 117.23 per barrel on Friday before easing to USD 113.91 per barrel as peace talks began, with WTI at USD 100.18 per barrel. The IEA, Citi, Morgan Stanley, Goldman Sachs and UBS expect elevated prices to persist, citing shipping inefficiencies, refinery maintenance and geopolitical risk; Goldman now sees Brent at USD 90 per barrel by the end of the year.
Singapore will store Saudi crude in the Jurong Rock Caverns from mid-2027 to bolster Asian energy security. High fuel prices are driving carmakers, including GM, towards hybrids, potentially denting oil demand. US Secretary of State Marco Rubio visited India’s Jamnagar, the world’s largest single-site refinery, as Washington seeks to combat fuel price hikes before the midterms.