Maritime attacks in the Strait of Hormuz more than doubled in October to over 30 incidents, keeping Brent crude near $115 a barrel as Iran-related tensions and a separate Saudi-Houthi conflict escalate.
Eight OPEC+ producers are expected to keep their December production targets unchanged when they meet on Sunday, as attention shifts toward setting new output baselines for 2027.
Saudi Arabia's crude oil production climbed 12.2% month-on-month in September to 8 million barrels per day, according to Al Rajhi Capital Research data, as the Kingdom rerouted exports around disrupted Gulf shipping lanes.
WTI crude oil has pulled back from a five-month high of $103.28 to near $100 a barrel as traders turn cautious ahead of a week of central bank meetings.
Saudi Arabia's crude exports rose 7.9% in August to 4.451 million barrels per day, a five-month high, even as the kingdom's oil production dropped to an unprecedented 6.24 million bpd, JODI data show.
Brent futures changed hands at $109.76 a barrel, not far off its strongest print since May, as new Houthi strikes against Saudi infrastructure overshadowed Washington's temporary easing of Russia-linked restrictions.