Oil prices soar after explosions in Riyadh; Brent jumps to $105.54

Brent crude jumped 5.3% to $105.54 a barrel on Oct. 8 after several explosions were heard in Riyadh, including one at King Khalid International Airport that halted flights, according to Transport Topics on Oct. 8, reporting the Associated Press.

There was no word on what caused the explosions and no claim of responsibility, though Yemen's Iran-backed Houthis have previously targeted the kingdom's infrastructure. Fighting has intensified around the Bab el-Mandeb Strait, besieged by Houthi rebels and disrupting shipping, at the same time Iran has targeted ships in the Strait of Hormuz to the northeast — a major transit point for global crude. Brent has swung between $96 and nearly $110 over the past month on uncertainty about when the war with Iran will allow the global energy industry to return to normal.

The price surge is intensifying inflationary pressure globally, including in the United States — and it lands on a diesel market already running hot, with diesel over $8 a gallon in parts of the West Coast, per FleetOwner's reporting this week. Crude moves feed into fuel surcharges with a lag, so if Brent stays elevated, more of the pain shows up at the truck stop pump in the weeks ahead.