Oil price rises to $116/barrel over fresh Houthi attacks

Oil prices extended gains on Tuesday, October 27, 2026, as renewed Houthi attacks on Saudi Arabia highlighted persistent risks.

Brent crude futures was up 40 cents, or 0.4%, at $116.24 a barrel by 0718 GMT, while US West Texas Intermediate crude was up 30 cents, or 0.3%, at $102.07.

Saudi Arabia, Turkey, and Pakistan held talks with Iranian officials in Tehran on Monday aimed at easing tension in the Middle East.

The four countries agreed to continue talks with a view to strengthening cooperation in peace and security, Iranian state media reported.

“Prices remain elevated amid persistent geopolitical uncertainties,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

Sachdeva added that some profit-taking earlier in the session was fuelled by hopes of a breakthrough in talks between the United States and Iran.

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Last week, Brent prices surged to more than $117 a barrel, the highest since April, ‌after ⁠a wave of Iranian attacks on tankers around the Strait of Hormuz. Brent prices touched $117 on Monday as well.

Scope for peace looked fragile, however, with renewed attacks by Iran-aligned Houthis on key producer Saudi Arabia.

Data from a Washington-based ⁠think tank showed that October remains the worst month for attacks on commercial shipping in the Strait of Hormuz and nearby waterways,

The war rippling across the Middle East has brought into focus the narrow waterway of the Strait of Hormuz, which carried about a fifth ⁠of global energy supplies before the conflict erupted in February.