Brent closed at US$116.72 on 23 October, its highest close since 29 April. Houthi claims of strikes on Yanbu port, an oil field and an airport hit thin weekend positioning. Brent eased to US$113.88 on Tuesday after talks in Tehran. It then rebounded after the Houthis said they had hit Ras Tanura, Saudi Arabia’s largest refinery at 550,000 barrels a day. Damage was not independently confirmed.
Brent near US$115 as India’s crude basket hits its highest monthly level since 2012
Houthi claims on a Saudi refinery and fears of US strikes after the midterms lifted Brent, while frozen pump prices push the cost onto state-run retailers
(Representative Image)
By Indoen Intelligence
29 October 2026
Brent closed near US$115 a barrel on Wednesday, up from about US$110 a week ago, after Houthi claims on Ras Tanura and reports that Washington is preparing fresh strikes on Iran after the 3 November US midterm elections. India’s basket averaged US$120.46 in October so far, the highest month since March 2012. The rupee weakened, pump prices stayed frozen, and the oil minister outlined plans for more diesel capacity.
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