Crude oil's weird Monday: Brent, WTI slip as attacks rattle markets, Murban jumps 3% to $118

Global oil prices declined from their near six-month highs in early Asian trade on Monday, October 26, 2026. However, UAE's Murban crude stood out by surging above $118 per barrel. As of 10:50 am Beijing time, Brent crude fell by $2.15, returning to a level near the middle of last week. Murban now trades about $3.40 above Brent, reversing a brief pause.

According to OilPrice.com, Murban's price increased nearly 4% to $114.40 on Friday, matching Brent and eliminating the recent discount. The decline in Brent and WTI prices on Monday was attributed to profit-taking after a rally, as Houthi attacks on Saudi Arabia continued to raise supply concerns. The Houthis claimed to have attacked Saudi oil facilities and airports, including an Aramco facility in Yanbu and King Khalid International Airport in Riyadh, though Saudi Arabia has not confirmed these reports.

On Sunday, the Saudi-led coalition reported intercepting two ballistic missiles fired towards Yanbu and Taif, as well as intercepting Houthi drones and missiles targeting Riyadh, Khamis Mushait, and the southern region. Yanbu, a Red Sea outlet of the 7-million-barrel-a-day pipeline that replaced Saudi Arabia's Hormuz exports, remains a significant outlier in oil prices due to its scarcity and the premium attached to bypass routes.