Global oil prices rise after Saudi refinery attack claim
According to international media reports, Brent crude futures increased by $1.48, or 1.3%, to $115.36 per barrel at 1:40am GMT on October 28, 2026.
US West Texas Intermediate (WTI) crude also recorded an increase. Its price rose by $1.22, or 1.22%, to $101.12 per barrel.
What Caused Oil Prices to Rise?
Reports said Yemen’s Houthi group, which is backed by Iran, claimed on Tuesday that it had targeted Saudi Arabia’s largest oil refinery with a missile.
However, Saudi authorities had not immediately confirmed the reported attack. The claim nevertheless raised concerns about the safety of energy facilities in the region and the possible effect on global oil supplies.
The refinery has the capacity to process around 550,000 barrels of oil per day. Any serious disruption to a major facility could increase concerns about the availability of oil in international markets.
Middle East Tensions Affect Oil Market
Oil prices had fallen by around $2 per barrel a day earlier as talks in the Middle East reduced concerns about possible supply disruptions.
However, the new claim about the Saudi refinery quickly brought those concerns back. Traders are watching developments in the region because any threat to oil production or transportation could affect prices worldwide.
Read Also: Houthis target Saudi Arabia’s south as Riyadh airport prepares to reopen
The oil market often reacts to uncertainty. Even when an attack has not been officially confirmed, reports of possible damage to major energy infrastructure can influence market expectations.
US Oil Stocks Also Under Watch
Meanwhile, US crude oil inventories are expected to show a small increase. According to a Reuters survey of eight analysts, American crude stocks were forecast to rise by around 15,000 barrels in the week ending October 23.
Changes in US oil inventories can influence prices because they provide information about supply and demand in one of the world’s major oil-consuming countries.
However, analysts believe developments in the Middle East and concerns about international oil supplies could remain important factors in the coming days.
