Global oil markets have seen a significant spike, with Brent crude reaching 114.72 dollars per barrel on Friday, October 23—its highest level since May. This surge is driven by mounting geopolitical tensions in the Middle East following attacks attributed to the Houthis in Saudi Arabia, which have sparked fears regarding the security of international energy supplies. Security concerns even led to the evacuation of Saudi Aramco’s headquarters in Dhahran. Meanwhile, West Texas Intermediate (WTI) also trended upward, trading at 100.57 dollars. Market analysts attribute the increase to a risk premium, as traders worry that the ongoing escalation could disrupt critical energy infrastructure and essential maritime trade routes.