Oil Prices Surge as Saudi Refinery Attack Sparks Global Supply Fears
Global oil prices climb to $115.36 per barrel following a missile strike on a Saudi Arabian refinery, intensifying supply concerns amid Iran tensions.
POLICY WIRE — Beijing, China — Global crude oil prices climbed on Wednesday, October 28, 2026, following a missile strike on a major refinery in Saudi Arabia. The incident has reignited significant anxiety regarding potential supply disruptions across the Middle East.
As the world’s leading crude exporter, Saudi Arabia remains central to market stability. The latest attack has exacerbated existing regional tensions involving Iran and its proxies, prompting a swift reaction from energy traders.
Brent crude futures saw a notable increase of $1.48, representing a 1.3% rise to reach $115.36 per barrel. This price movement reflects growing market sensitivity to threats against critical infrastructure in the region.
The situation remains fluid as reports also indicate a separate incident involving an oil tanker catching fire after striking naval mines east of the Strait of Hormuz. Iran’s navy alleged the vessel had entered a prohibited zone with its tracking systems disabled.
Reporting by Policy-Wire (PW)
