Oil prices climbed Wednesday, Oct. 14, after reports that Iran attacked two vessels in the Strait of Hormuz using new tactics, Euronews reported, citing Reuters and the Associated Press. Brent crude futures rose about 1%, moving above $107 a barrel in early trading in Europe, and U.S. benchmark West Texas Intermediate gained 0.5% to $94.64 a barrel. A CNBC headline two days later said Brent touched $110 as Iran escalated its attacks on Hormuz shipping; we could not retrieve that article's full text and are citing only its headline.
Euronews's report gave no further detail on the vessels, casualties or confirmation from shipping authorities. It noted another source of risk: an escalating conflict between the Houthis and Saudi Arabia. Saudi Arabia said an attack on an Aramco building in the kingdom's east caused a “limited fire,” and that debris from intercepted Houthi missiles wounded four people in Riyadh. Dutch gas futures traded near a four-year high.
The U.S. military has a different read of the shipping picture. In a Fox News live report on Oct. 19, a CENTCOM spokesperson, Capt. Tim Hawkins, said most Iranian attacks on Hormuz shipping have failed and that about 97% of ships transiting have avoided being hit. Pakistan's army chief was reported to be traveling to Tehran to discuss ending the conflict and reopening the strait.
For Texas, high prices cut two ways. Strong prices have helped drive the Permian Basin rig count to 274, the highest total of 2026, according to Baker Hughes data reported by Permian Basin Oil and Gas Magazine. That means jobs in Midland and Odessa and royalties for landowners. But the same prices push gasoline to $4.33 a gallon nationally, per AAA figures cited by Spectrum News, and diesel costs ripple through farms, trucking and groceries across the state.
Why it matters to Texas readers. A Texan can be glad for an oilfield worker's paycheck and still wince at the pump. The thing that ties them together is the war: prices are rising because supply routes are at risk, not because of anything Texas producers did. Readers should treat day-to-day price quotes as snapshots; they can swing sharply on a single headline, and the Euronews piece reflected early-morning trading only.
Open questions: this outlet could not verify the ship attacks independently, the CNBC article's detail.