Gulf oil exports average 15.7 million barrels a day despite risks

Oil futures rose Friday after an attack on a tanker transiting the Strait of Hormuz and renewed Houthi claims of strikes on Saudi energy infrastructure heightened concerns over Middle East oil supplies. December Brent crude futures rose 1.4% to $116.53 a barrel, while December West Texas Intermediate futures gained 1.3% to $103.34 a barrel.

The gains came despite a recovery in Persian Gulf oil exports, which have at times returned to and exceeded prewar levels. Exports averaged 15.7 million barrels a day in the week through Oct. 26. Shipping remains more dangerous and expensive, with higher insurance and freight costs adding to the cost of moving crude, The Wall Street Journal reported.

The United Kingdom Maritime Trade Operations said Friday that a tanker transiting the Strait of Hormuz was attacked by a small boat with two explosive devices.

The incident followed claims made Thursday by Yemen’s Houthi militants that they had attacked several sites in Saudi Arabia, including the Ras Tanura and Rabigh refineries and a Saudi Aramco production facility in Abqaiq. The claims couldn’t be independently verified, and Saudi Arabia hadn’t immediately responded to requests for comment.

Saudi air defenses intercepted two ballistic missiles launched toward Riyadh on Thursday, according to the Saudi Press Agency. Debris from the interceptions injured a Saudi citizen and damaged a home and a vehicle, Saudi Civil Defense said.

Diplomatic efforts to revive negotiations between Washington and Tehran continued. U.S. Vice President JD Vance sent a message to Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, in an effort to revive peace negotiations, The Wall Street Journal reported. Iran has received the message but hasn’t responded, according to the semi-official Fars news agency.

President Trump said Thursday that Vance had reached out to Iran to help the country obtain medical supplies, after reports that the vice president had sought to reopen negotiations.

The U.S. has also told several Gulf Arab countries to prepare for a possible short, intense military campaign against Iran after next week’s U.S. midterm elections, The Wall Street Journal separately reported. Trump hasn’t made a final decision on renewed strikes.

Seven OPEC+ producers are scheduled to meet Sunday to review market conditions and production policy.