Oil prices gained Wednesday as Middle Eastern geopolitical tensions offset signs of supply recovery. Brent crude futures for December delivery rose 0.93% to $101.52 a barrel, while U.S. West Texas Intermediate for November advanced 0.81% to $90.16 per barrel.
The Saudi Energy Minister Prince Abdulaziz bin Salman reported that oil pumped through the East-West Pipeline had reached 5.8 million barrels as of Tuesday morning, signaling a partial recovery in flows. Despite this improvement, traders weighed the rebound against renewed security concerns in the region.
The Saudi aviation authority reported that airports in Jazan and Najran were targeted in two attacks on Tuesday, according to sources cited. The incidents reflected escalating hostilities between Yemen's Iran-backed Houthis and Saudi Arabia. Attacks on infrastructure hundreds of kilometers from the Yemen border have demonstrated the group's sustained capability to disrupt operations.
Naeem Aslam, chief investment officer at Zaye Capital Markets, characterized the market as "caught between improving physical supply and persistent geopolitical risk."
Iran has also stepped up attacks on tankers transiting the Strait of Hormuz, a critical chokepoint for global oil exports. The threat prompted renewed trader concerns about disruptions to the fragile rebound in oil flows through the waterway.
Samer Hasn, senior market analyst at XS.com, noted that the Houthis retain the ability to trigger large-scale crude supply disruptions. He flagged that risks could worsen "if the Houthis feel the need to apply more pressure as a result of losing more territory."