Brent hits four-year high

The day before, Brent futures rose 4% and closed at $113.17. Over the month, oil prices rose by more than 6.5%, compared to the same period last year – by about 74%.

The rise in prices is associated with intensifying attacks by the Yemeni Houthis on targets in Saudi Arabia. The Iranian-backed Houthis have claimed responsibility for attacks on the Red Sea port of Yanbu, as well as an oil field and airport in the kingdom. On Wednesday, Saudi Arabia’s Energy Ministry said air defenses intercepted a drone attempting to attack a processing complex at the Shaiba oil field, which produces a million barrels of oil per day. According to Reuters, Saudi Aramco ordered the evacuation of employees from its headquarters in Dhahran and transferred them to remote work.

Adding to pressure on the market are reports that the US and Israeli militaries have prepared scenarios for resuming strikes on Iran after the mid-term congressional elections in November, with the country’s energy infrastructure cited as a likely target. US President Donald Trump, answering a journalist’s question, said that Washington is not negotiating with Iran, and added that “something will happen” in the near future.