Oil gains 1.4% on 28 October

Global oil prices rose by more than 1% in early trading on 28 October 2026. Markets reacted to renewed concerns over the security of supplies from Saudi Arabia after Yemen's Houthi movement said it had struck a major oil refining facility in the kingdom. Saudi authorities had not confirmed the strike at the time of the report.

According to Reuters, as of 04:35 GMT Brent crude futures had gained $1.59, or 1.4%, to $115.47 a barrel. US West Texas Intermediate (WTI) added $1.43, also 1.4%, to $101.33.

Markets focus on supply risks

The reaction followed a claim of an attack on a refinery with capacity of around 550,000 barrels per day. Saudi authorities had not confirmed the reported strike in the cited morning report, so it must not be treated as an independently established fact.

ING analysts cited by Reuters said prices continue to reflect a geopolitical risk premium. Investors are awaiting greater clarity on developments in the Middle East.

US inventories and the OPEC+ decision

Market participants reported a decline of around 2.03 million barrels in US crude oil inventories in the week to 23 October, citing American Petroleum Institute data. The US Energy Information Administration's official weekly report is due later on 28 October.

Attention is also turning to the upcoming OPEC+ producers' meeting, at which output targets for December are expected to remain unchanged, according to Reuters sources. Prices may move again as new official information emerges.

Source: Reuters, 28 October 2026. Prices are a snapshot as of 04:35 GMT, not the day's closing values.

Photo: CHUTTERSNAP / Unsplash (Unsplash License). An illustrative industrial complex, not the Saudi refinery mentioned in the report.