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Oil Rises to $115.70 as Egypt Backs Saudi Against Houthis
Why is oil up today?
Brent crude (BZ=F) rose 1.6% to $115.70 on Wednesday after Houthi attacks on Saudi Arabia, including a claimed missile strike on the Ras Tanura refinery, renewed fears about oil supply.
Key numbers
| Brent crude | $115.70+1.62% on the day |
|---|---|
| WTI crude (US benchmark) | $101.20+1.34% on the day |
| Brent, past week | ~$117+6% on the week (per [6]) |
| Egypt's EGX30 stock index, Oct 27 | 50,104.83+3.49% |
| Parliament votes needed to send troops abroad | 398 of 596two-thirds majority |
| Ras Tanura refinery capacity (barrels per day) | 550,000Houthi strike claimed, unconfirmed |
What happened
Brent crude (BZ=F) rose 1.6% to $115.70 on Wednesday after Houthi attacks on Saudi Arabia, including a claimed missile strike on the Ras Tanura refinery, renewed fears about oil supply. Egypt's parliament voted on Monday to let President Abdel Fattah al-Sisi send troops to help defend Saudi Arabia, and a Houthi official called the move a "declaration of war" on Tuesday. Egypt says the help would be defensive and would not include attacks on Yemen, and deployment depends on a formal request from Riyadh.
Why it matters
Brent crude, the world's main oil price benchmark, is near a six-month high because Saudi Arabia, a top oil exporter, is under repeated missile and drone attack. Egypt's move shows neighboring countries may be pulled in directly. Saudi authorities have not confirmed a direct hit on the Ras Tanura refinery, so the price reflects fear of shortages rather than confirmed ones. Oil prices feed into fuel costs for everyday households.
Who this affects
- MarketmixedMedium impact
- Fuel buyers pay more; oil producers gain from higher prices.
- CompanybearishMedium impact
- Saudi Aramco's Ras Tanura refinery is a claimed Houthi target.
- CompetitorsneutralLow impact
- Other oil exporters face the same price swings.
- IndustrybearishMedium impact
- Red Sea shipping and Egypt's Suez Canal income stay under pressure.
Brent Crude vs WTI Crude
| Brent crudeBZ=F | $115.70 | +1.62% |
|---|---|---|
| WTI crudeCL=F | $101.20 | +1.34% |
As of 2026-10-28
How we got here
Houthi strike on Riyadh airport kills 12, including an Egyptian flight attendant
Egypt's National Defence Council backs military support for Saudi Arabia
Egypt's parliament authorizes Sisi to take "necessary measures" to support Saudi Arabia
Houthi official calls Egypt's move a "declaration of war"; Houthis claim Ras Tanura missile strike
What to watch
- Whether Saudi Arabia formally requests Egyptian troops, which Egypt says deployment depends onQ4 2026
- Whether Saudi authorities confirm damage at the Ras Tanura refineryQ4 2026
- Reported possible US military action against Iran after the US midterm elections2026-11-03
Educational content only. Not investment advice.
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