Oil prices climbed in early Asian trading on Wednesday, October 28, amid renewed concerns over regional supply stability. According to Oilprice.com, Brent crude futures rose 1.62% to reach $115.70 per barrel, while West Texas Intermediate (WTI) futures increased 1.34% to trade at $101.20 per barrel. These gains occurred after a previous session decline.
Market observers attributed the upward momentum to fresh Houthi aggression against Saudi Arabia, which reignited regional supply fears. This price action coincides with reported declines in U.S. crude oil inventories. Data from the American Petroleum Institute indicated that domestic stockpiles dropped by 2.031 million barrels during the week concluding October 23, contributing to the broader atmosphere of constrained supply highlighted by analysts tracking ongoing Middle East volatility.
The current tightening comes as global fuel markets remain stressed. Analysts suggest the global diesel crisis, exacerbated by regional conflict and damaged refinery infrastructure, is expected to persist well into 2027. Despite attempts to increase supply through spot cargo offerings from Saudi Arabia to European refiners, market participants remain sensitive to geopolitical disruptions.