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Oil Rises to $116 After Houthi Claim on Saudi Refinery
Why is oil up today?
Oil (Brent crude, BZ=F) rose about 2% to near $116 a barrel on Wednesday after the Houthis claimed a missile strike on Saudi Arabia's Ras Tanura refinery, raising fears of supply disruption.
Key numbers
| Brent crude | ~$116+2% vs Tuesday's $113.88 close |
|---|---|
| Brent vs a year ago (per [3]) | $116.25+80% YoY |
| Brent vs a month ago (per [3]) | $116.25+13% from $102.84 |
| Ras Tanura refinery capacity | 550,000 bpdSaudi Arabia's largest refinery |
| Houthi missiles and drones intercepted Tuesday | 3 missiles, 4 dronesPer Saudi officials |
What happened
Oil (Brent crude, BZ=F) rose about 2% to near $116 a barrel on Wednesday after the Houthis claimed a missile strike on Saudi Arabia's Ras Tanura refinery, raising fears of supply disruption. The Houthis, a Yemen group allied with Iran, said the missile caused large fires. Saudi Arabia has not confirmed a hit. Bloomberg reported a fire near the terminal was contained, and Riyadh said it shot down three missiles. The refinery, Saudi Arabia's largest, handles 550,000 barrels a day, and Brent had closed Tuesday at $113.88.
Why it matters
Brent crude, the global oil benchmark, is near a six-month high and about 80% above its level a year ago (per). Ras Tanura is a major loading point for Saudi oil exports, so lasting damage could tighten supply and raise fuel and shipping costs. For now, Saudi Arabia has not confirmed any lost production, so traders are still waiting to see how serious the attack was.
Who this affects
- MarketmixedMedium impact
- Oil traders gain; fuel buyers and stock investors face pressure.
- CompanymixedMedium impact
- Saudi Aramco gets higher prices but faces facility risk.
- CompetitorsbullishLow impact
- Other oil producers benefit from higher prices.
- IndustrybearishMedium impact
- Airlines, shippers and drivers face higher fuel costs.
Brent Crude vs WTI Crude
| Brent crudeBZ=F | $116.25 | +13.0% | +80.1% |
|---|---|---|---|
| WTI crudeCL=F | $102.88 | +15.1% | +70.1% |
As of 2026-10-28
How we got here
Brent settles at $116.72, its highest close since April 29.
Fire breaks out near Ras Tanura terminal; Bloomberg reports it was contained.
Houthis claim missile strike on refinery; Brent closes down $1.93 at $113.88 on Iran talks.
Brent climbs about 2% toward $116 as the claim and US-Iran strike reports weigh.
What to watch
- Whether Saudi Arabia or Aramco confirms damage or lost output at Ras Tanura2026-10-28
- Reports the US may strike Iran again after the midterm elections2026-11-03
- Further Houthi attacks on Saudi oil sites and Gulf shippingQ4 2026
Educational content only. Not investment advice.
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