Oil rises over 1% after Saudi Arabian refinery attack reignites supply risk
Oil prices rose over 1% following reports of a missile strike on a major Saudi Arabian refinery by Houthi rebels. The market remains volatile as investors weigh supply risks against upcoming U.S. Federal Reserve interest rate decisions.
Why it matters
Geopolitical instability in the Middle East directly impacts global energy costs and inflationary pressures, affecting international markets.
Oil rises over 1% after Saudi Arabian refinery attack reignites supply risk left This image is used for representational purposes only. Getty Images/iStockphoto Getty Images/iStockphoto https://th-i.thgim.com/public/incoming/2biqgb/article71634686.ece/alternates/FREE_1200/iStock-182703770.jpg shotbydave A royalty free image from the oil industry of three pumpjacks on a prairie at sunrise. Yemen’s Iran-aligned Houthis said they had hit Saudi Arabia’s biggest oil refinery with a missile, intensifying their strikes against the world’s second-largest crude producer SINGAPORE Oil prices climbed more than 1% on Wednesday (October 28, 2026) after an attack on a refinery in Saudi Arabia renewed concerns around supply risks from the major exporter. Brent crude futures gained $1.59, or 1.4%, to $115.47 a barrel as of 4:35 GMT. U.S. West Texas Intermediate crude rose $1.43, or 1.4%, to $101.33.
Also covering this story
5 other newsrooms covered this event. We read each version separately.
Oil prices climb after Houthis claim strike on Saudi Arabia's biggest refinery
12 Killed In Saudi Strikes In Yemen, Claim Houthis
UAE secretly helping Iran-backed Houthis target Saudi forces: Report
Oil Prices Climb as Houthi Attacks Reignite Saudi Supply Fears
Oil up over US$2 as Saudi Arabian refinery attack reignites supply risk concerns
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