Yemen's Houthis said on October 27 they fired a ballistic missile at Ras Tanura, Saudi Arabia's biggest refinery, causing a fire. Riyadh said it intercepted three ballistic missiles aimed at the Eastern Province, and Aramco contained the fire within hours. It is the Houthis' third claimed strike on Saudi energy sites in four days. Brent briefly touched about $116.50 before falling back toward $110.
1
Three waves in four days
The Houthis claimed hits on Aramco's Yanbu site and the Rabigh refinery on October 24, then East-West pipeline pumping stations and Riyadh airport on October 26. The 1,200-kilometer pipeline became the kingdom's main export artery after Hormuz was restricted. Riyadh has confirmed no damage from any of them.
2
Oil spikes, then fades
Brent rose about 0.6% to $116.50 early, with WTI near $102.50. Within two hours Brent slid into a $109.53-$111.91 range. Analysts note the premium prices disruption risk; no Saudi barrels have actually been lost.
3
Tehran signals talks
Supreme Leader Mojtaba Khamenei called for ending the war on Iran's stated terms after Monday's Tehran talks. An Iranian ambassador floated a seven-day plan to reopen Hormuz. Saudi Arabia, Turkey, Pakistan and Iran agreed to keep talking.
The missiles have not cut Saudi output. US military pressure is pushing Tehran back toward the table.
Key FAQ
Q1: What did the Houthis hit?
On October 27 the Houthis claimed a ballistic missile strike on Ras Tanura, Saudi Arabia's biggest refinery. Riyadh said it intercepted three missiles, and Aramco contained a fire within hours.
Q2: Why did oil rise and then fall?
Brent touched about $116.50, then slid to $109.53-$111.91 within two hours. No Saudi output was lost, and Iran signaled openness to talks.
Q3: What should I watch next?
An Iranian ambassador floated a seven-day plan to reopen Hormuz, and Saudi Arabia, Turkey, Pakistan and Iran agreed to keep talking. That is oil's next catalyst.
Sources
- ✓ Reuters via Business Recorder — Yemen's Houthis say they launched an attack on Saudi Ras Tanura oil refinery — 2026-10-27
- ✓ Reuters via Investing.com — Houthis say they attacked Saudi oil pumping stations, Riyadh airport as fighting intensifies — 2026-10-26
- ✓ House of Saud — Ras Tanura Oil Terminal Fire Reported as Coalition Intercepts 3 Missiles — 2026-10-27
- ✓ ZeroHedge — Futures Rise, Oil Slides As Iran's Supreme Leader Talks Peace And Shrugs Off Ras Tanura Attack — 2026-10-27
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