Oil prices rise following reported Houthi attack on Saudi refinery
Oil prices climbed on Wednesday, October 28, 2026, after Yemen's Houthis claimed an attack on a Saudi refinery.
Brent crude futures gained $1.59, or 1.45%, to $111 a barrel. U.S. West Texas Intermediate (WTI) rose $1.41, or 1.41%, to $101.31.
Saudi authorities have not confirmed the strike. Still, traders are reacting to the risk.
Houthis Claim Missile Strike on Saudi Arabia's Ras Tanura
As per Hormuz Report, the Houthis said on Tuesday they hit Ras Tanura with a ballistic missile.
Ras Tanura is the kingdom's biggest refinery. It handles 550,000 barrels a day.
Saudi officials have not said whether the site was damaged. That leaves a gap in the story.
Risk Premium Keeps Oil Prices Elevated
Fear is the main driver. Markets worry the Middle East conflict could last longer and spread wider.
Brent fell nearly $2 on Tuesday when talks in Tehran eased supply worries. It bounced back after the Houthi claim.
SEB analyst Bjarne Schieldrop said crude carries "a significant risk premium." That is the extra money traders pay for the chance of a US or Israeli strike on Iran in the coming weeks.
Gelber & Associates said ongoing Houthi attacks and a bigger military presence in the Gulf keep supply risks alive.
Brent and WTI Climb While Gold Slips
Here is a quick look at the market on October 28, 2026.
Market | Price | Daily Change | % Change |
Brent crude | $111.00 | +$1.59 | +1.45% |
WTI crude | $101.31 | +$1.41 | +1.41% |
WTI futures (NYMEX chart) | $101.35 | +$1.45 | +1.45% |
Gold | $4,060.40 | -$14.20 | -0.35% |
Gold slipped 0.35% while crude moved higher.
Iran Talks Fail to Close the Gap
Not yet. Iran's Security Council chief Mohsen Rezaei met Supreme Leader Ayatollah Mojtaba Khamenei after talks with Saudi Arabia, Turkey and Pakistan.
State media said Khamenei stressed Iran's conditions for ending the war. So the gap has not closed.
Trump said at a Texas rally on Tuesday that the war would end on his terms. He added that Iran must never get a nuclear weapon.
Crude Oil Inventories Seen Rising by 0.1 Million Barrels
The US crude stock report is due at 10:30 AM ET, or 8:00 PM IST.
Analysts expect a build of 0.1 million barrels. The previous reading was a draw of 3.1 million barrels.
A bigger build could point to extra supply or weaker demand. A larger draw could signal tighter supply.
Either surprise may cause quick moves in futures.
WTI Tests Top of Symmetrical Triangle
On the daily chart, WTI futures trade near $101.35, up 1.45%. Today's range is $99.75 to $102.24. Volume is 67.49K.
Price sits inside a symmetrical triangle. A falling resistance line near $104 to $105 caps the top. A rising support line near $94 to $96 holds the bottom.
The RSI reads 61.59, above its average of 59.77. That points to mild bullish momentum.
Level | Zone | What It Could Mean |
Resistance | $104 to $105 | Falling trendline, key breakout test |
Upside targets | $108 to $110, then $112 to $115 | Possible if price closes above $105 with strong volume |
Near support | $100 to $98 | Possible pullback area if price is rejected |
Stronger support | $96 to $94 | Rising trendline zone |
Breakdown zone | $90 to $88 | Opens up if price falls below $94 |
Breakout or Pullback: Levels Traders Are Watching
If WTI closes above $105 with strong volume, the next targets sit at $108 to $110, then $112 to $115.
If price gets rejected, it could slip to $100 to $98. A break below $94 may open the $90 to $88 zone.
One analyst on social media says a limited escalation is playing out, with $98 to $100 acting as support. He expects a full escalation later, but not yet. A peace deal, in his view, could cause a sharp drop instead.
That is one opinion, not a forecast anyone can rely on.
Nobody knows how this ends. Headlines from the Gulf can flip the market within hours.
Traders may want to track the inventory data, the $104 to $105 line, and any statement from Saudi Arabia.
Disclaimer
This article is for information only and is not financial advice. Commodity and crypto markets are volatile, and prices can change fast. Past moves do not guarantee future results. Always do your own research and speak with a licensed financial advisor before making any investment decision. You may lose some or all of your money.
