Oil price today tops $100 as Houthi attack on Saudi refinery shakes markets
The oil price today climbed back above $100 per barrel following a missile strike on Saudi Arabia's Ras Tanura refinery. The escalation halted recent declines and refocused financial markets on supply risks across the Middle East.
⚡ Key numbers:
- $101.33 – WTI crude price per barrel in morning trading
- $110.87 – Brent crude price per barrel
- 500 million barrels – drop in visible global oil inventories since February
- 102.42 – US Dollar Index (DXY) reflecting broad currency strength
Missile strike hits Saudi Arabia's largest refinery
Yemen's Iran-aligned Houthis announced that they targeted the Ras Tanura oil refinery in Saudi Arabia's Eastern Province with a ballistic missile. Military spokesperson Yahya Saree claimed that the strike successfully hit the facility and sparked large fires at the site, which represents the kingdom's largest refining hub.
In contrast, the Saudi-led coalition stated that its air defences intercepted three ballistic missiles and four drones launched towards the kingdom. The incident immediately disrupted an earlier retreat in crude benchmarks, sending West Texas Intermediate back above the century mark.
Diplomatic initiatives challenged by military friction
The assault comes despite fresh diplomatic overtures held in Tehran between senior officials from Saudi Arabia, Turkiye, Pakistan, and Iran. While participants confirmed plans to continue negotiations, violence on the ground continues to overshadow political discussions.
Regional uncertainty is further amplified by Israel's parliamentary elections, where exit polls revealed a dead heat between Prime Minister Benjamin Netanyahu and opposition leader Gadi Eisenkot. The absence of a clear majority complicates diplomatic calculations regarding broader regional stability.
“Vessels remain exposed to attacks, insurance and freight costs have risen sharply, and increased ship-to-ship transfers required to cross the Strait of Hormuz are absorbing tanker capacity”
— Giovanni Staunovo, UBS analyst (via CNBC)
Depleted inventories threaten prolonged stagflation pressures
Investment bank UBS raised its Brent crude projection to $110 per barrel by the end of 2026. Global commercial stockpiles remain thin following an estimated drawdown of 500 million barrels since February, leaving energy markets vulnerable to physical disruptions.
Surging energy prices pushed the US Dollar Index up to 102.42, while equities adjusted to the prospect of persistent inflation. Higher crude quotes complicate central bank policy easing as supply chain risks across critical shipping corridors intensify.
What to watch next
- Damage assessments from the Ras Tanura facility in Saudi Arabia
- Final coalition formation outcome in Israel's tight election
- Diplomatic updates from follow-up regional meetings with Iranian officials
Frequently asked questions
What caused the sudden rise in crude benchmarks?
Prices rebounded after Yemen's Houthis launched a ballistic missile at Saudi Arabia's Ras Tanura refinery, reigniting supply disruption risks.
Where does the oil price today stand?
WTI crude traded up to $101.33 per barrel, while international benchmark Brent crude was quoted at $110.87 per barrel.
Why are global inventories worsening the price spike?
According to UBS, visible inventories have declined by 500 million barrels since February, meaning buffers against unforeseen outages remain exceptionally low.
Sources: FXStreet, Comparic, Al Jazeera, CNBC, Yahoo Finance.
Disclaimer: This article is for information purposes only and does not constitute investment advice. Data as of Oct 28, 2026, 05:59 may vary by source. Trading leveraged CFDs carries a high risk of losing money.
This article contains AI-generated content.
