OilBrentHouthisMiddleEastOPEC
Houthis Claim Missile Strike on Saudi Refinery, Pushing Brent to $115
Published: October 28, 2026
Houthis announced a missile strike on Saudi Arabia's Jamal Khashoggi refinery on Tuesday, sending Brent crude to $115.10 per barrel. The attack has reignited Middle East supply fears, prompting a rally in oil markets ahead of OPEC+ output decisions next week.
Houthis announced a missile strike on Saudi Arabia's Jamal Khashoggi refinery, the nation's largest, which can process 550,000 barrels a day. The report jolted the market, lifting Brent crude to $115.10 and WTI to $100.90.
The rally follows a nearly $2 decline on Thursday when calm in the region eased earlier fears. The new threat has pulled traders back to the Middle East, where supply lines remain fragile.
US crude inventories grew 15,000 barrels in the week to Oct. 23, according to a Reuters poll of eight analysts, tightening the price curve as the market waits for OPEC+ output decisions.
OPEC+ will confirm December output targets on Sunday, a move that could solidify the market's direction. Meanwhile, Russia may see a dip in Baltic and Black Sea shipments as domestic refineries shift to diesel under a new Washington deal.
Oil traders now watch the OPEC+ verdict closely, with prices hovering near the $126 peak that marked the crisis's apex.