Oil up over 1% as Saudi Arabian refinery attack reignites supply risk concerns
A drone view shows fuel vessels docked at the Baniyas oil terminal in Baniyas, Syria, October 12, 2026. REUTERS/Karam al-Masri
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LONDON, Oct 28 : Oil prices rose over 1 per cent on Wednesday after an attack on a refinery in Saudi Arabia, the world’s top crude exporter, renewed concerns about supply risks because of conflicts in the Middle East.
Brent crude futures rose $1.36, or 1.2 per cent, to $115.24 a barrel as of 0858 GMT. US West Texas Intermediate crude gained $1.62, or 1.6 per cent, at $101.52.
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. Saudi authorities did not immediately confirm the strike on the 550,000 barrel-per-day facility.
For now, the market is pricing in a greater likelihood of re-escalation, ING commodity strategists said on Wednesday.
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“Oil prices remain elevated as the market waits for greater clarity on President (Donald) Trump’s next move toward Iran,” said ING strategists.
“If we get past the elections without renewed strikes on Iran, that might be enough for the market’s risk premium to start eroding,” they added, referring to US midterm elections on November 3.
Meanwhile, US crude oil stocks eased, according to market sources citing data from the American Petroleum Institute. Crude stocks fell by 2.03 million barrels in the week ended October 23, the sources said, against expectations of a 15,000-barrel build in an analyst poll by Reuters.
Government data from the US Energy Information Administration is due later on Wednesday.
The market will also monitor an upcoming industry meeting on Sunday, where OPEC+ oil producers are expected to keep their December oil output targets steady, according to people with knowledge of the matter.
Production in most of the seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — is below their output targets.
Crude oil exports from Russia’s Baltic and Black Sea ports could fall next month as domestic refiners increase diesel output following a deal with Washington this month, traders said.
Source: Reuters
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