Global oil prices rose on October 28, 2026, after Yemen’s Houthi movement claimed it had attacked Saudi Arabia’s Ras Tanura refinery, reviving concerns about the security of energy infrastructure in the Middle East. Saudi authorities had not confirmed the reported strike at the time of publication.
Brent crude futures increased 1.2% to $115.24 a barrel, while U.S. West Texas Intermediate futures gained 1.6% to $101.52 a barrel. After-hours trading prices were also higher for the two principal benchmarks: WTI crude was listed at 102.8, up 2.89%, and Brent crude at 115.4, up 1.29%.
A claimed strike puts infrastructure in focus
The Houthi movement said on Tuesday that it had targeted Ras Tanura with a missile. The facility has a reported processing capacity of 550,000 barrels per day. The reported incident added to market concern that a wider regional escalation could affect crude production, refining operations or transportation routes.
Ras Tanura is described in the report as a major Saudi oil refining facility. Saudi Arabia is the world’s largest crude oil exporter, making the status of its energy infrastructure significant for global supply balances. The market reaction reflected concern over a possible disruption rather than a confirmed outage or a verified change in Saudi production.
“Markets are pricing in a greater likelihood of renewed military escalation.”
That assessment came from ING’s commodities strategy team, which said the heightened geopolitical risk was supporting elevated oil prices. ING also identified U.S. President Donald Trump’s stance toward Iran as an important variable for the market outlook.
U.S. inventory data also supported prices
Supply developments in the United States provided an additional source of support. U.S. crude oil inventories fell by approximately 2.03 million barrels in the week ended October 23, according to the American Pe— the extracted report ends before identifying the full name of the reporting organization.
The reported market indicators showed gains extending beyond the two main crude contracts. Gasoline was listed at 3.182, up 1.41%, while heating oil stood at 4.815, up 0.84%. Natural gas was listed at 3.028, up 0.80%. Other benchmarks moved in different directions, including Murban crude, which was listed at 114.7, down 2.52%, and the OPEC basket at 115.2, down 1.74%.
Key market figures
| Contract or product | Reported level | Move |
|---|---|---|
| Brent crude futures | $115.24 a barrel | Up 1.2% |
| WTI crude futures | $101.52 a barrel | Up 1.6% |
| Gasoline | 3.182 | Up 1.41% |
| Heating oil | 4.815 | Up 0.84% |
ING said the geopolitical premium could ease if the November 3 U.S. midterm elections pass without renewed strikes on Iran. That view was presented as a condition affecting the market outlook, not as a prediction of a particular oil-price move.
- The Houthi movement claimed responsibility for targeting Ras Tanura with a missile.
- Saudi authorities had not confirmed the reported attack when the report was published.
- Brent and WTI futures rose more than 1%, while U.S. crude inventories reportedly declined by approximately 2.03 million barrels.
