Brent crude rose $1.48, or 1.3%, to $115.36 a barrel on October 28 after Yemen’s Houthis said they hit Saudi Arabia’s largest refinery. Saudi authorities did not immediately confirm the strike, which renewed supply worries.
Oil Rebounds on the Refinery Claim
Oil prices rose in Asian trade on Wednesday, October 28, after an attack on a refinery in Saudi Arabia, the world’s biggest crude exporter, renewed concerns about supply risks from the conflict with Iran and its proxies, Reuters reported. Brent crude futures rose $1.48, or 1.3%, to $115.36 a barrel as of 0140 GMT. US West Texas Intermediate (WTI) crude rose $1.22, or 1.22%, to $101.12.
The rise reversed part of Tuesday’s move. Prices had dropped nearly $2 a barrel on Tuesday after talks in the Middle East helped ease supply worries, according to Reuters.
| Benchmark | Price (0140 GMT, Oct 28) | Change |
| Brent crude futures | $115.36 a barrel | Up $1.48 (1.3%) |
| WTI crude | $101.12 a barrel | Up $1.22 (1.22%) |
What the Houthis Claimed
Yemen’s Iran-aligned Houthis said on Tuesday they had hit Saudi Arabia’s biggest oil refinery with a missile, intensifying their strikes against the world’s second-largest crude producer, according to Reuters. The facility has a capacity of 550,000 barrels per day.
Saudi authorities did not immediately confirm the strike. That distinction matters for how to read the price move. One market commentary noted that until Riyadh confirms any damage, the market is pricing risk and not lost barrels. In other words, oil rose because traders fear a loss of supply, and not because a loss of supply has been confirmed.
How This Fits the Recent Run in Prices
Oil has been elevated for more than a week. On October 23, Brent was trading near $113 a barrel after a 4% jump to a five-month high, and Saudi Aramco had ordered the evacuation of its Dhahran headquarters as fighting between Saudi Arabia and the Houthis intensified. Brent has since moved higher, to above $115 a barrel.
The pattern is one of sharp swings around news from the region. A fall of nearly $2 on Tuesday, when talks in the Middle East eased supply worries, was followed by a $1.48 rise on Wednesday on the refinery claim.
Inventories, OPEC+ and Russian Exports
Beyond the attack, Reuters pointed to four other factors for the market:
- US inventories: a poll of eight analysts expected US crude stockpiles to have risen by about 15,000 barrels in the week ended October 23
- OPEC+ policy: three people with knowledge of the matter said the group is expected to keep its December output targets steady on Sunday, in line with market expectations
- Output below targets: production in most of the seven core OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, is running below their targets, which limits how much a decision on quotas changes actual supply
- Russian exports: traders said Russian crude exports from Baltic and Black Sea ports could fall next month
A small rise in US inventories would normally weigh on prices. Reuters noted that oil rose despite that expected increase in inventories. Brent is the international benchmark used to price much of the world’s crude, while WTI is the main US benchmark, so the two can differ in level and reaction.
The Impact on Indian Markets
The move in crude fed directly into Indian equities on Wednesday. The Sensex fell as much as 762 points and the Nifty touched 22,559 in early trade, with Brent above $115 cited as the main trigger. The GIFT Nifty had fallen about 150 points as oil topped $115, according to Business Standard’s live blog.
India is a large importer of crude oil, so higher prices tend to raise costs for the economy and for companies that depend on fuel. That is why oil is closely watched in Indian markets, and why a Saudi supply scare can move the Sensex within minutes.
Also Read: Sensex Drops Over 700 Points, Nifty Slips Below 22,600 as Brent Crude Above $115 Rattles Markets
What to Watch Next
Three things are worth following. First, whether Saudi Arabia confirms or denies damage to the refinery. Second, whether the OPEC+ meeting on Sunday keeps output targets steady as expected. Third, whether further Houthi attacks on Saudi energy facilities follow.
Oil prices can reverse quickly in either direction. The figures here describe prices in early Asian trade on October 28, 2026, and are not a forecast.
