Oil prices climbed on Wednesday, October 28, 2026, after Yemen's Houthis claimed an attack on a Saudi refinery. Brent crude futures gained $1.59, or 1.45%, to $111 a barrel. U.S. West Texas I
Oil prices climbed on Wednesday, October 28, 2026, after Yemen's Houthis claimed an attack on a Saudi refinery.
Brent crude futures gained $1.59, or 1.45%, to $111 a barrel. U.S. West Texas Intermediate (WTI) rose $1.41, or 1.41%, to $101.31.
Saudi authorities have not confirmed the strike. Still, traders are reacting to the risk.
As per Hormuz Report, the Houthis said on Tuesday they hit Ras Tanura with a ballistic missile.
Ras Tanura is the kingdom's biggest refinery. It handles 550,000 barrels a day.
Saudi officials have not said whether the site was damaged. That leaves a gap in the story.
Fear is the main driver. Markets worry the Middle East conflict could last longer and spread wider.
Brent fell nearly $2 on Tuesday when talks in Tehran eased supply worries. It bounced back after the Houthi claim.
SEB analyst Bjarne Schieldrop said crude carries "a significant risk premium." That is the extra money traders pay for the chance of a US or Israeli strike on Iran in the coming weeks.
Gelber & Associates said ongoing Houthi attacks and a bigger military presence in the Gulf keep supply risks alive.
Here is a quick look at the market on October 28, 2026.
Market
Price
Daily Change
% Change
Brent crude
$111.00
+$1.59
+1.45%
WTI crude
$101.31
+$1.41
+1.41%
WTI futures (NYMEX chart)
$101.35
+$1.45
+1.45%
Gold
$4,060.40
-$14.20
-0.35%
Gold slipped 0.35% while crude moved higher.
Not yet. Iran's Security Council chief Mohsen Rezaei met Supreme Leader Ayatollah Mojtaba Khamenei after talks with Saudi Arabia, Turkey and Pakistan.
State media said Khamenei stressed Iran's conditions for ending the war. So the gap has not closed.
Trump said at a Texas rally on Tuesday that the war would end on his terms. He added that Iran must never get a nuclear weapon.
The US crude stock report is due at 10:30 AM ET, or 8:00 PM IST.
Analysts expect a build of 0.1 million barrels. The previous reading was a draw of 3.1 million barrels.
A bigger build could point to extra supply or weaker demand. A larger draw could signal tighter supply.
Either surprise may cause quick moves in futures.
On the daily chart, WTI futures trade near $101.35, up 1.45%. Today's range is $99.75 to $102.24. Volume is 67.49K.
Price sits inside a symmetrical triangle. A falling resistance line near $104 to $105 caps the top. A rising support line near $94 to $96 holds the bottom.
The RSI reads 61.59, above its average of 59.77. That points to mild bullish momentum.
Level
Zone
What It Could Mean
Resistance
$104 to $105
Falling trendline, key breakout test
Upside targets
$108 to $110, then $112 to $115
Possible if price closes above $105 with strong volume
Near support
$100 to $98
Possible pullback area if price is rejected
Stronger support
$96 to $94
Rising trendline zone
Breakdown zone
$90 to $88
Opens up if price falls below $94
If WTI closes above $105 with strong volume, the next targets sit at $108 to $110, then $112 to $115.
If price gets rejected, it could slip to $100 to $98. A break below $94 may open the $90 to $88 zone.
One analyst on social media says a limited escalation is playing out, with $98 to $100 acting as support. He expects a full escalation later, but not yet. A peace deal, in his view, could cause a sharp drop instead.
That is one opinion, not a forecast anyone can rely on.
Nobody knows how this ends. Headlines from the Gulf can flip the market within hours.
Traders may want to track the inventory data, the $104 to $105 line, and any statement from Saudi Arabia.
This article is for information only and is not financial advice. Commodity and crypto markets are volatile, and prices can change fast. Past moves do not guarantee future results. Always do your own research and speak with a licensed financial advisor before making any investment decision. You may lose some or all of your money.
