Oil prices recovered on Wednesday, reversing part of the previous session’s decline as fresh reports of a Houthi attack on a major Saudi refinery renewed concerns about potential disruptions to crude supplies.
Brent crude rose approximately 1.3% to trade near $115.4 per barrel, while West Texas Intermediate (WTI) gained about 1.85% to $101.8 per barrel.
The rebound followed Tuesday’s softer close, when Brent settled at $113.88 (down 1.67%) and WTI finished lower in the low-$100s range.
The upward move was supported by reports that Yemen’s Iran-aligned Houthi forces claimed a ballistic missile strike on Saudi Arabia’s Ras Tanura refinery, the kingdom’s largest. While details on any damage or operational impact remained limited, the claim was enough to revive supply-risk premiums in the market.
Traders were also monitoring broader geopolitical developments, including reports that the U.S. was considering potential military options related to Iran after next week’s midterm elections, as well as the outcome of Israel’s election.
Despite the day-to-day volatility, oil remains well supported by the ongoing Middle East conflict. Both benchmarks continue to trade at multi-month elevated levels, with the market remaining highly sensitive to any new incidents involving Saudi energy infrastructure or shipping routes through the Strait of Hormuz.
