Middle East Attacks Push Brent Crude Above $115 as Oil Supply Risks Intensify
Oil prices climbed Wednesday amid renewed supply concerns following fighting in Yemen and reports of an attack on a refinery in Saudi Arabia.
MIDDLE EAST,ECONOMY
Global N Press
10/28/20261 min read
NEW YORK, October 28, 2026 — Oil prices rose on Wednesday as fighting in Yemen and reports of an attack on a Saudi refinery renewed concerns about potential disruptions to Middle Eastern supplies. Brent crude futures climbed to $115.69 a barrel, while US West Texas Intermediate reached $102.42. Yemen's Iran-aligned Houthi movement said on October 27 that it had struck Saudi Arabia's largest oil refinery, a facility with capacity of about 550,000 barrels per day, although Saudi authorities had not immediately confirmed the attack. Yemeni government officials also reported an attack on Aden airport on October 28. The incidents heightened concerns about energy infrastructure and shipping security as the conflict involving Iran continues.
Before the war began in February, the Strait of Hormuz carried roughly one-fifth of global oil and liquefied natural gas trade. Further damage to refineries, ports or shipping routes could increase transport costs and tighten supplies. However, oil prices also respond to inventory data, demand expectations and diplomatic developments. Qatari mediators presented Iran with a new draft proposal to end the war on October 25, offering a possible route to de-escalation. OPEC+ was expected to review production policy on November 1, with traders watching for any changes to output targets. Prices reflect heightened geopolitical risk, but their direction will depend on the conflict's trajectory, the security of export routes and actual supply from major producers.
