Crude Oil Rally: Brent Tops $116 as Middle East Tensions Escalate
- 28th October 2026
- 12:00 PM
- 3 min read
Summary
Brent crude crossed $116 per barrel on Wednesday, 28 October 2026, after Yemen’s Houthi group claimed a missile strike on Saudi Arabia’s largest oil refinery. Saudi authorities have not confirmed the attack. West Texas Intermediate (WTI), the United States crude benchmark, crossed $101. The rise followed a $2 fall in oil prices on Tuesday.Mumbai | 28 October 2026
Oil prices rose sharply on Wednesday after Yemen’s Iran-aligned Houthi group claimed responsibility for a missile strike on a Saudi refinery. Brent crude traded at $116.006 per barrel, up $2.13, or 1.87%. WTI December futures traded at $101.94, up $2.04, or 2.04%.
What Are Brent and WTI Crude Oil?
Brent and WTI are the two main benchmark prices for crude oil. Brent is based on oil from the North Sea and is widely used to price oil traded around the world. WTI is based on oil produced in the United States. A change in either price shows how traders view global oil supply.
What Did the Houthis Claim About the Saudi Refinery?
The Houthi group said it targeted a Saudi refinery that processes 550,000 barrels of oil a day. The facility is Saudi Arabia’s largest oil refinery. Saudi authorities have not confirmed the attack.
The claim revived concerns over supply disruptions in the Middle East. The region faces an ongoing conflict involving Iran and its proxies.
How Did Oil Prices Move Through Wednesday’s Session?
Oil prices gained during Wednesday’s session. Brent crossed $115 in early trade and later climbed above $116. WTI December futures traded between $99.76 and $101.96 during the day. The gains reversed Tuesday’s $2 fall, which came on hopes linked to Middle East peace talks.
| Benchmark | Early trade | Latest | Change on the day |
| Brent | $115.49 | $116.006 | +$2.13 (1.87%) |
| WTI | $101.41 | $101.94 | +$2.04 (2.04%) |
How Much Have Brent and WTI Risen Over the Past Year?
Brent has risen 80.36% over the past year and 20.64% over the past month. WTI has gained 69.49% over the past year and 10.10% over the past month. Even after the latest rally, Brent remains below the $126 per barrel level recorded earlier in the Middle East conflict.
| Benchmark | Past month | Past year |
| Brent | +20.64% | +80.36% |
| WTI | +10.10% | +69.49% |
Oil markets have stayed volatile throughout the crisis, which is now in its eighth month. Saudi authorities have not yet confirmed the claimed strike on the refinery.
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