West Texas Intermediate for November delivery rose $1.89 to $93.74 per barrel by mid-morning, while Brent crude for December added $1.92 to reach $106.64. The rally follows a weekend of intensified violence, specifically Houthi attacks on Saudi Arabia’s Riyadh international airport. Analysts at XS.com warn that persistent escalation risks near critical transit corridors like the Strait of Hormuz could threaten millions of barrels of daily supply if infrastructure becomes a primary target.

Simultaneously, the market is absorbing reports of Russian strikes on Ukrainian energy facilities. Despite President Trump’s recent announcement of an energy ceasefire, these developments heighten the prospect of retaliatory strikes against Russian refineries. Meanwhile, U.S. Gulf Coast markets are stabilizing following Hurricane Isaias; Sparta Commodities noted that rig evacuations and production shut-ins have begun to decline, signaling that the region escaped the worst of the storm's impact.