Houthi attacks push oil over US$100 as investors brace for US inflation data

Saudi oil giant Aramco’s refinery in south of Riyadh is seen on October 3, 2026. Houthi attacks against Saudi Arabia have driven up fossil fuel prices by 2 per cent. — AFP pic

First Published: Tuesday, 13 Oct 2026 9:12 AM MYT

NEW YORK, Oct 13 — Oil prices rose on Monday as Yemen’s Iran-backed Houthi movement launched additional strikes on Saudi Arabia, adding to worries about tight global supplies heading into the northern hemisphere winter.

Several powerful explosions rattled the Saudi capital Riyadh on Monday night following a series of Houthi attacks at Riyadh airport in recent days that have killed at least 18 people.

Oil prices rose about 2 per cent, while global equity markets turned in a mixed performance as investors looked ahead to major US corporate earnings and economic data later in the week.

“We’re waiting for a lot of elements,” CFRA Research’s Sam Stovall said near the end of Monday’s session, which saw the Dow climb and the Nasdaq retreat.

“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,” Stovall said, adding that this week’s inflation data was a particularly important source of interest.

An unexpectedly high inflation reading could increase the likelihood of another Federal Reserve interest rate hike in October, Stovall said.

Saudi Arabia’s energy minister acknowledged that the kingdom’s infrastructure and resilience had been tested in the aftermath of the latest attacks.

“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.”

Doubts surrounding US President Donald Trump’s claim of an “energy ceasefire” between Ukraine and Russia, following his surprise announcement of a deal to buy diesel from Moscow, further unsettled investors.

“Oil remains well bid above US$100 (RM423) after strikes on Saudi Arabia’s Riyadh airport over the weekend, while efforts to secure a Russia-Ukraine energy truce were muddy,” said Neil Wilson, a strategist at Saxo UK.

Russia on Monday refused to say whether an agreement had been reached with Ukraine to halt attacks on energy infrastructure, a day after Trump sowed confusion with his unilateral announcement of an “energy ceasefire”.

“It is increasingly evident that Russia is unwilling to accept an energy ceasefire proposed by the United States,” Ukrainian President Volodymyr Zelensky said on social media.

“Today alone, the Russians have attacked six energy facilities in Ukraine. Thirty-three people were wounded across the country,” he added.

Also in focus this week is the start of the corporate earnings season, with US banking giants JP Morgan, Goldman Sachs and Bank of America due to report on Tuesday.

Technology giants will follow later in October and November, with traders keen to assess the outlook for the AI sector as it invests vast sums despite growing concerns over the technology.

Markets are bullish on company results overall, with companies in the S&P 500 expected to report a 24.3 per cent jump in earnings per share compared with the third quarter of 2025, according to CFRA. — AFP

Key figures at around 2020 GMT

• Brent North Sea crude: UP 1.8 per cent at US$106.65 (RM451) per barrel
• West Texas Intermediate: UP 2.1 per cent at US$93.74 (RM397) per barrel
• New York — Dow: UP 0.4 per cent at 51,850.55 (close)
• New York — S&P 500: DOWN 0.1 per cent at 7,807.24 (close)
• New York — Nasdaq Composite: DOWN 0.4 per cent at 27,245.90 (close)
• London — FTSE 100: UP 1.0 per cent at 10,656.28 (close)
• Paris — CAC 40: UP 0.4 per cent at 7,832.88 (close)
• Frankfurt — DAX: UP 0.8 per cent at 25,277.68 (close)
• Hong Kong — Hang Seng Index: UP 0.3 per cent at 24,271.20 (close)
• Shanghai — Composite: DOWN 0.4 per cent at 3,797.24 (close)
• Tokyo — Nikkei 225: Closed for a holiday
• Euro/dollar: DOWN at US$1.1156 from US$1.1200 on Friday
• Pound/dollar: DOWN at US$1.3207 from US$1.3234
• Dollar/yen: UP at 158.68 yen from 158.31 yen
• Euro/pound: DOWN at 84.48 pence from 84.63 pence