Brent oil hits $105 as Middle East airstrikes trigger regional flight chaos

The Saudi-led coalition launched a wide-scale aerial campaign on Thursday, 8 October, destroying 82 Houthi military targets across four Yemeni provinces. The strikes follow a series of ballistic missile and drone attacks by the Houthi group on Abha International Airport and King Khalid International Airport in Riyadh, which resulted in the deaths of three civilians—a Moroccan, an Algerian, and a Sudanese national. Global Energy Markets React to Conflict Global oil prices surged on Thursday following reports that the United States is considering fresh strikes against Iran ahead of the U.S. midterm elections. International benchmark Brent North Sea crude rallied to $105.46 per barrel, while West Texas Intermediate (WTI) rose to $92.82. Despite signs of recovering Gulf crude exports, Brent remains anchored above the $100 threshold due to surging war-risk insurance premiums and high freight costs. Ryanair CEO Michael O’Leary warned that jet fuel is currently trading at a 50% premium over Brent crude, compared to a historical average of 15%. O'Leary cited Houthi and Iranian attacks on Middle Eastern refinery capacity, alongside Ukrainian strikes on Russian refineries, as the primary drivers of the sustained price spike. Ryanair has already trimmed its annual passenger target to 214 million in response to the volatility. Diplomatic and Military Stance Turkey’s Foreign Minister Hakan Fidan clarified on Thursday that Ankara will not deploy troops to confront Houthi forces. Despite…