Oil prices rise following attacks on tankers and Saudi energy infrastructure

On Wednesday, October 14, 2026, international oil prices surged toward $107 per barrel following renewed regional instability. Brent crude increased to $106.03, recovering from a previous decline, while US West Texas Intermediate (WTI) rose to $94.42. The market volatility was triggered by fresh attacks on commercial vessels in the Strait of Hormuz and strikes by Yemen’s Houthi movement against energy facilities belonging to the Saudi state company Saudi Aramco.

These events have deepened concerns regarding the security of Persian Gulf exports, overshadowing recent progress in supply chain recovery. Since the beginning of 2026, Brent crude prices have climbed by over 70 percent, driven by the ongoing conflict between the United States and Iran that continues to disrupt global maritime transport and energy logistics.

In Cyprus, the rising costs have placed significant pressure on consumers and businesses. Data from the Consumer Protection Service indicates that average unleaded 95 petrol currently stands at €1.757 per litre, while diesel is priced at €2.022. The Cyprus Consumers Association previously estimated that sustained price hikes resulted in an additional cost of €23 million to the local economy between March and August. No immediate resolution to the regional conflicts or the resulting energy supply disruptions has been announced.