Oil prices extend rally to near six-month high amid Houthi attacks on Saudi Arabia
Global oil prices have surged to a six-month high following Houthi attacks on Saudi Arabian energy infrastructure. The rising costs are putting significant pressure on the Indian economy, exceeding the Reserve Bank of India's inflation projections.
Why it matters
Rising oil prices threaten to increase inflation and fiscal strain for import-dependent nations like India, potentially impacting consumer prices and economic growth.
Oil prices extend rally to near six-month high amid Houthi attacks on Saudi Arabia left A drone view shows fuel vessels docked at the Baniyas oil terminal in Baniyas, Syria, October 12, 2026. Reuters Reuters https://th-i.thgim.com/public/news/national/k8e2r3/article71616111.ece/alternates/FREE_1200/2026-10-20T164348Z_1623997298_RC2Q1OAQOHKR_RTRMADP_3_SYRIA-SAUDI-ARAMCO.jpg Brent crude futures touched an intraday high of $114.94 a barrel on Friday after Houthi attacks on Saudi Arabia’s civilian and energy infrastructure, with India’s crude basket averaging $120.08 so far this month; Adani Total Gas raised CNG prices by ₹4.45 per kg New Delhi Oil prices extended their rally from Thursday (October 22, 2026) as it breached the $115 per barrel-mark Thursday a day after Houthi attacks on Saudi Arabia’s civilian and energy infrastructure. The latest escalation has spiralled oil prices to a near six-month high amid renewed tensions about disruptions to global oil supplies.
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