Brent crude futures are heading for a fourth consecutive monthly gain, rising nearly 13% in October as escalating hostilities in the Middle East threaten global oil supplies and heighten concerns about disruptions to crude shipments.
Nairametrics checks show that Brent crude was trading at $117.30 per barrel, up 2.14%, at the time of reporting. US West Texas Intermediate (WTI) crude also gained $1.85 to trade at $103.80 per barrel.
Oil prices have remained volatile throughout October as the conflict involving the United States, Israel and Iran has disrupted crude flows from the Middle East and heightened uncertainty over the security of energy infrastructure and shipping routes.
Brent crude is on course to record an increase of nearly 13% in October, while WTI is expected to finish the month approximately 14% higher, marking the fourth consecutive monthly gain for the two benchmarks.
The latest increase reflects the persistent risk of further escalation around the Strait of Hormuz, where attacks on commercial shipping have heightened concerns about the movement of crude oil and refined petroleum products.
The latest concerns over oil supplies have also been compounded by renewed attacks claimed by Yemen’s Houthi movement against Saudi Arabia’s energy infrastructure.
The group’s spokesperson, Yahya Saree, said in a post on X that the Houthis had targeted the Ras Tanura refinery, the Rabigh refinery and an Aramco facility in Abqaiq, alongside King Fahd International Airport in Dammam and King Khalid International Airport in Riyadh.
The Houthis have also claimed an attack on Saudi Arabia’s East-West pipeline, an important alternative export route that allows the kingdom to transport crude from the Persian Gulf to the Red Sea, bypassing the Strait of Hormuz.
The sustained increase in crude oil prices presents another challenge for economies already grappling with elevated energy costs, as higher international oil prices can feed into the cost of transportation, electricity generation, manufacturing and petroleum products.
In Nigeria, energy inflation more than doubled to 10.85% year-on-year in September 2026, from 4.69% in August, according to the National Bureau of Statistics (NBS).
The development comes as governments in other markets are also taking steps to manage the effects of higher energy prices and protect domestic supplies.
The scale of the projected subsidies highlights the fiscal pressure facing governments as they attempt to cushion households and businesses against rising energy prices.
