Brent crude tops $105 a barrel as tanker attacks intensify in Middle East; Saudi output cut fuels concerns

Brent crude surged nearly $5 to around $106 a barrel, while WTI jumped $4.50 to $95.39, as escalating Middle East tanker attacks and Saudi Arabia's sharp output cut intensified global supply concerns. Saudi crude production fell by 1.9 million barrels per day to 6.238 million bpd, the lowest since the Gulf War began, with exports dropping about a third in August to roughly 3 million bpd. OPEC cut its 2026 world oil demand growth forecast to 380,000 barrels per day, the fifth straight downward revision, stoking inflation fears across markets.