Crude oil futures gain after Houthi attack on Saudi refinery

Crude oil futures traded higher on Wednesday morning after the Houthis attacked a refinery in Saudi Arabia.

At 9.35 am on Wednesday, December Brent oil futures were at $115.53, up by 1.45 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $101.31, up by 1.41 per cent. November crude oil futures were trading at ₹9659 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹9498, up by 1.70 per cent, and December futures were trading at ₹9536 against the previous close of ₹9386, up by 1.60 per cent.

Market reports said the Houthis conducted a strike on Ras Tanura refinery in Saudi Arabia causing a fire at the refinery complex. However, there was no immediate confirmation by the Saudi authorities on this.

The Houthis had earlier attacked pumping stations along the East-West oil pipeline and King Khalid International Airport in Saudi Arabia.

In their Commodities Feed for Wednesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil prices edged lower on Tuesday, settling down for a second consecutive day. With Brent still trading around $114 a barrel, oil prices remain elevated as the market waits for greater clarity on US President Donald Trump’s next move toward Iran. The broader move higher in recent weeks suggests the market is pricing in a greater likelihood of re-escalation.

Citing reports, they said the US administration is proposing the return of US oil majors to Russia post-war, which forms part of broader negotiations to bring an end to the war between Russia and Ukraine. In addition, Finland’s president and Norway’s prime minister held a call with Russian President on Tuesday. It’s the first time European leaders have spoken to the Russian President since July last year, when the French president spoke with the Russian leader. While there was no breakthrough, it’s a positive sign that European leaders are trying to get more involved in negotiations to end the war, they said.

Published on October 28, 2026