Rising fears of escalation in the Gulf region drove Brent crude futures above $112 a barrel. Overnight news significantly contributed to this price increase. The Iranian military claimed to have hit four oil tankers with projectiles in the Persian Gulf. More significantly, Iran’s IRGC Navy asserted it had hit or damaged seven oil tankers in 24 hours near the Strait of Hormuz. Additionally, a drone strike impacted Saudi Aramco's Shaybah oil field, though operations remained unaffected. Another drone attack hit King Fahd International Airport, resulting in one fatality. The US also ordered some embassy personnel to leave Saudi Arabia due to intensified security risks. Traders cited continued kinetic activity and the potential for renewed escalation after the midterm elections as reasons for the price floor. Despite these concerns, Middle Eastern oil exports have surpassed pre-war levels. However, tanker freight rates have surged, indicating a costly delivery process amidst ongoing security threats.