Crude oil futures rose more than 1% on October 28, 2026, following reports of a Houthi strike on Saudi Arabia’s Ras Tanura refinery. Saudi authorities had not immediately confirmed the reported attack.

Key Takeaways

  • December Brent rose 1.40% to $115.52, while December WTI gained 1.46% to $101.36.
  • Market reports said a strike caused a fire at Ras Tanura, but Saudi authorities had not immediately confirmed it.
  • Oil prices had settled lower for two consecutive days through Tuesday, ING strategists said.

Crude oil futures prices

At 10:03 a.m. on Wednesday, December Brent futures traded at $115.52 a barrel, up 1.40%. December West Texas Intermediate futures were at $101.36 a barrel, up 1.46%.

On India’s Multi Commodity Exchange, November crude futures traded at ₹9,663 in the initial hour, compared with a previous close of ₹9,498. December futures were at ₹9,546, against a previous close of ₹9,386.

The ICE Brent contract specifications set a contract size of 1,000 barrels and price trading in US dollars and cents per barrel.

ItemDetails
November MCX crude₹9,663, up 1.74% from the previous close of ₹9,498
December MCX crude₹9,546, up 1.70% from the previous close of ₹9,386

Reported refinery attack and market context

Market reports said the Houthis struck the Ras Tanura refinery and caused a fire at the complex. The reported attack preceded the price rise, although the available information does not establish what caused the move.

ING commodities strategists Warren Patterson and Ewa Manthey said oil had settled lower for a second consecutive day on Tuesday. They also said the market was waiting for greater clarity on US President Donald Trump’s next move toward Iran.

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