Global oil prices climbed on Monday as fresh attacks on Saudi Arabia heightened concerns about energy supplies ahead of the northern hemisphere winter. Meanwhile, investors weighed geopolitical uncertainty, inflation risks and upcoming corporate earnings reports.
Brent crude rose 1.8 percent to $106.65 per barrel, while US West Texas Intermediate gained 2.1 percent to $93.74. The gains came as Yemen’s Iran-backed Houthi movement launched additional strikes on Saudi Arabia.
Saudi Arabia Warns of Serious Response to Attacks
Several powerful explosions shook Riyadh on Monday night, following a series of Houthi attacks targeting the Saudi capital’s airport in recent days. The reported attacks have killed at least 18 people, according to the supplied report.
Saudi Arabia’s energy minister acknowledged that the recent incidents had tested the kingdom’s infrastructure and resilience. Speaking at a major conference in Riyadh, Prince Abdulaziz bin Salman stressed the importance of protecting energy supplies.
“Energy security can’t be taken for granted,” Energy Minister Prince Abdulaziz bin Salman told a high-profile conference in Riyadh. “The events of recent weeks are serious, our response must be equally serious.”
Consequently, renewed concerns about regional security have added pressure to an already uncertain global oil market.
Oil Markets Face Fresh Supply Concerns
Oil prices remained above $100 per barrel for Brent crude as investors assessed the potential effects of the attacks on Saudi Arabia. However, uncertainty surrounding a possible energy truce between Russia and Ukraine also influenced market sentiment.
US President Donald Trump had announced an arrangement involving an energy ceasefire between the two countries. His announcement followed a surprise statement about a deal to purchase diesel from Moscow.
Nevertheless, Russia declined on Monday to confirm whether an agreement existed to halt attacks on energy infrastructure. The conflicting signals added further uncertainty for energy traders.
Saxo UK strategist Neil Wilson described the situation as a combination of strong oil prices and unclear diplomatic progress.
“Oil remains well bid above $100 after strikes on Saudi Arabia’s Riyadh airport over the weekend, while efforts to secure a Russia-Ukraine energy truce were muddy,” Wilson said.
Ukraine Reports Further Attacks on Energy Facilities
Ukrainian President Volodymyr Zelensky also questioned Russia’s willingness to accept an energy ceasefire proposed by the United States.
“It is increasingly evident that Russia is unwilling to accept an energy ceasefire proposed by the United States,” Zelensky said on social media.
He further reported that Russian forces had attacked six energy facilities in Ukraine on Monday, leaving 33 people wounded across the country.
These developments have complicated efforts to ease concerns about energy infrastructure and international supplies. As a result, traders continue to monitor geopolitical developments alongside oil production and demand.
Investors Await US Inflation Data and Corporate Earnings
Beyond energy markets, investors adopted a cautious approach ahead of important US economic data and corporate earnings announcements.
CFRA Research strategist Sam Stovall said investors were waiting for further evidence supporting recent stock market gains. He also highlighted the importance of the upcoming inflation figures.
“We’re waiting for a lot of elements,” Stovall said near the end of Monday’s trading session.
“Investors are sort of holding their breath waiting for confirmation that the market was justified in setting a new all-time high on the S&P 500,” he added.
Stovall warned that unexpectedly high inflation could increase the likelihood of another Federal Reserve interest rate hike in October.
Meanwhile, major US banks, including JPMorgan, Goldman Sachs and Bank of America, were scheduled to report earnings on Tuesday. Investors also anticipated results from major technology companies later in October and November, particularly as artificial intelligence investment continues to attract attention.
According to CFRA, companies in the S&P 500 were expected to report a 24.3 percent increase in earnings per share compared with the third quarter of 2025.
Global Markets Deliver Mixed Results
US stocks closed with mixed performances on Monday. The Dow Jones Industrial Average gained 0.4 percent to 51,850.55, while the S&P 500 slipped 0.1 percent to 7,807.24. The Nasdaq Composite declined 0.4 percent to 27,245.90.
European markets mostly advanced, with London’s FTSE 100 rising 1 percent to 10,656.28. Paris’s CAC 40 gained 0.4 percent to 7,832.88, while Frankfurt’s DAX climbed 0.8 percent to 25,277.68.
In Asia, Hong Kong’s Hang Seng Index rose 0.3 percent to 24,271.20, while Shanghai’s Composite Index fell 0.4 percent to 3,797.24. Tokyo’s Nikkei 225 remained closed for a holiday.
Currency markets also recorded modest movements. The euro fell to $1.1156 from $1.1200 on Friday, while the pound declined to $1.3207 from $1.3234. Meanwhile, the dollar strengthened to 158.68 yen from 158.31 yen, and the euro slipped to 84.48 pence from 84.63 pence.
With fresh attacks raising energy security concerns and diplomatic uncertainty persisting, investors are watching geopolitical developments closely. Oil prices, inflation data and corporate earnings could continue to shape market sentiment in the coming days.
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