Jakarta, ThedailyID — Global oil prices climbed on Wednesday, October 28, 2026, after Yemen’s Iran-aligned Houthi group claimed responsibility for a missile attack on a major Saudi Arabian oil refinery, raising concerns over potential disruptions to Middle Eastern supplies.
According to Reuters, Brent crude futures rose US$1.48, or 1.3%, to US$115.36 per barrel at 01:40 GMT. Meanwhile, US West Texas Intermediate (WTI) crude gained US$1.22, or 1.22%, to US$101.12 per barrel.
The Houthis claimed on Tuesday, October 27, that they had attacked Saudi Arabia’s largest oil refinery with missiles. The facility has a processing capacity of 550,000 barrels per day. Saudi authorities had not directly confirmed the reported attack at the time of the report.
The latest gains followed a decline of nearly US$2 per barrel for both benchmarks on Tuesday. Hopes for negotiations in the Middle East had previously eased market concerns about possible supply disruptions.
Investors are also monitoring US crude inventories. Analysts expect stockpiles to have increased by around 15,000 barrels in the week ending October 23.
Meanwhile, members of the OPEC+ alliance are expected to maintain their December oil production targets at a meeting scheduled for November 1. Three sources familiar with the discussions said the move would align with market expectations.
Production among seven key OPEC+ members, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, remains below their respective targets.
Russian crude exports from ports in the Baltic and Black seas could also decline in November. Traders attributed the potential drop to higher domestic refinery output as Russia increases diesel production following an agreement with Washington earlier this month.
Market attention remains focused on geopolitical developments, oil inventories, and production decisions as traders assess the outlook for global energy supplies.
