On the evening of 20/10, Brent crude oil prices rose 1.5% to 111.7 USD a barrel, its highest level since May. US crude oil WTI surged 5.2% to 110 USD, the highest since April.

The market accelerated after Iran-backed Houthi forces in Yemen announced on 19/10 that they had launched a series of attacks targeting Saudi Arabia's energy infrastructure, airports, and military facilities. These included an Aramco facility in the port city of Yanbu, the Shaybah oil field, King Khalid International Airport in Riyadh, and Abha Airport. Saudi Arabian officials have not confirmed these reports.

"Oil prices are strongly supported, indicating that the market is factoring a significant risk premium into prices amid a volatile situation," ING analysts commented.

ING suggests that if oil flows continue uninterrupted, this risk premium could gradually decrease. "However, there is currently no indication that this will happen," the ING report stated.

Data from marine tracking firm Kpler indicates that at least 18 vessels have reportedly been attacked over the past two weeks. On 19/10, a Houthi attack on a security forces training camp in Shabwa province, Yemen, resulted in 58 deaths and over 200 injuries. These continuous attacks heighten concerns about regional stability, threatening energy supplies and keeping oil prices above 100 USD.

In the United States, analysts estimate that crude oil and refined product inventories decreased last week. Data from the US Department of Energy also shows that the nation's strategic crude oil reserves are now over 282 million barrels, the lowest since 1982.

By Ha Thu (according to CNBC, Reuters)