Oil Prices Rise on Worries of Middle East Conflict Escalation

Trading Economics reports that Brent rose to 114.83 USD/Bbl on October 28, 2026, up 0.84% from the previous day[2]. The data provider says crude oil rose to 101.93 USD/Bbl on October 28, 2026, up 2.03% from the previous day[3].According to Trading Economics, reports that President Donald Trump was considering a short, intense campaign after next week's US midterm elections supported prices, although no final decision had been made[2]. The outlet adds that Washington reportedly urged Persian Gulf allies to prepare for possible strikes and deployed additional military forces to the region[2].CNBC reports that Iran-allied Houthi militants said Tuesday they had attacked Saudi Arabia's Ras Tanura refinery with a ballistic missile, raising worries about further disruptions to oil supplies[1]. Trading Economics says Saudi authorities had not confirmed the reported refinery attack[2].According to CNBC, Israel's election appeared headed for a political stalemate, with neither Prime Minister Benjamin Netanyahu nor his main challenger, Gadi Eisenkot, securing a clear path[1] to a majority.Trading Economics reports that reports that Qatari mediators presented Iran with a new draft agreement limited gains[2]. However, the outlet also says an Iranian official dismissed the ideas as unacceptable[2].Trading Economics also says US crude inventories fell by 1.9 million barrels in the week ended October 23[2].