By Boluwatife Oshadiya | October 28, 2026
Key Points
- Brent crude rises 1.73% to $111.30 a barrel while WTI gains 1.82% to $101.72
- Houthi claims of attacks on Saudi energy infrastructure renew concerns about potential supply disruptions
- US crude inventories fall by 2.03 million barrels, ahead of official inventory data and the November 1 OPEC+ meeting
Main Story
Oil prices rose on Wednesday after two sessions of losses, as Houthi claims of attacks on Saudi energy infrastructure heightened concerns about possible supply disruptions amid continuing Middle East tensions.
Brent crude futures for January delivery increased 1.73% to $111.30 a barrel from $109.41 at the previous close. US West Texas Intermediate crude futures for December delivery rose 1.82% to $101.72, compared with $99.90 previously.
Yemen’s Houthi group said on Tuesday that it had targeted Saudi Arabia’s Ras Tanura oil refinery with a ballistic missile. Houthi military spokesman Yahya Saree claimed the missile struck the facility in Saudi Arabia’s Eastern Province and caused large fires. Saudi authorities had not immediately commented on the claim, according to the supplied report.
The announcement followed another Houthi claim a day earlier that drones had targeted pumping stations along Saudi Arabia’s East-West crude oil pipeline, also known as Petroline. The pipeline provides an alternative route for transporting Saudi crude to the Red Sea without passing through the Strait of Hormuz, where shipping has been severely disrupted by the regional conflict.
Brent crude had risen above $117 a barrel the previous week before retreating as investors assessed diplomatic efforts to ease regional tensions. Saudi Arabia, Türkiye and Pakistan held talks with Iranian officials in Tehran on Monday and agreed to continue discussions aimed at strengthening regional peace and security.
US inventory figures also supported prices. The American Petroleum Institute reported that crude inventories fell by 2.03 million barrels in the week ended October 23, against market expectations for an increase of 800,000 barrels.
Official inventory data from the US Energy Information Administration was due later on Wednesday. The market was also looking ahead to the OPEC+ meeting scheduled for Sunday, November 1, where producers were expected to maintain December production targets.
What’s Being Said
The Houthis claimed responsibility for attacks on Saudi energy infrastructure, but the supplied report does not include a verbatim statement from the group or a response from Saudi authorities.
The American Petroleum Institute’s reported inventory figures showed a larger-than-expected draw in US crude stocks. The supplied material contains no direct quote from the API, an independent oil-market analyst or an official Saudi spokesperson.
What’s Next
- US inventory data: The US Energy Information Administration’s official crude inventory figures were scheduled for release later on Wednesday, October 28.
- OPEC+ meeting: Producers were expected to discuss production policy on Sunday, November 1, with the supplied report anticipating that December targets would be maintained.
- Regional security: Further confirmation or clarification of the reported attacks could affect market assessments of potential supply disruptions; the supplied material does not establish whether the claims were independently verified.
The Bottom Line:
Oil prices are responding to both geopolitical supply risks and evidence of tighter US crude inventories. The next direction will depend partly on whether official inventory data confirms the API figures and whether developments in the Middle East threaten actual oil flows, rather than merely increasing uncertainty.
