{
  "id": 16975875,
  "title": "Oil prices edge up about 1pc",
  "url": "https://urgent.news/2026/10/28/oil-prices-edge-up-about-1pc",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-28T23:31:10.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40446429/oil-prices-edge-up-about-1pc"
  },
  "original_language": "en",
  "account": "On Wednesday, oil prices rose by around 1 percent, driven by concerns over potential supply disruptions in the Middle East. This was fueled by ongoing fighting in Yemen, an attack on a Saudi refinery, and fears that the United States might strike Iran following the upcoming midterm elections. Brent futures climbed by $1.44, or 1 percent, to settle at $115.32 per barrel, while US West Texas Intermediate crude increased by $2.88, or 3 percent, to settle at $102.78. This price increase pushed Brent into overbought territory for the fourth time in five days. Yemen's Houthi rebels attacked Aden airport on Wednesday, according to Yemeni government forces, following the Iran-aligned group's warning to evacuate the facility amid escalating conflict. Saudi Arabia's biggest oil refinery reportedly faced a missile strike by Houthi rebels on Tuesday, though Saudi authorities did not confirm the incident. Analysts opined that renewed US military operations, following attacks on Saudi Arabia and other Middle East allies, could tighten supply further. Qatari mediators have proposed a new deal to end the eight-month-long conflict, but Iran's foreign minister stated Tehran remained open to diplomacy and suggested the seven-day plan could be completed in less than a week if implemented. A surprise decline in US crude oil stockpiles also supported crude prices, with the Energy Information Administration reporting a 1.9 million barrel draw from storage during the week ending October 23. In a notable move, China issued a fourth batch of fuel export quotas for gasoline, diesel, and jet fuel, bringing the 2026 total in line with 2025 despite earlier curbs. The market now awaits an industry meeting on Sunday, where OPEC+ oil producers are expected to maintain their December output targets.",
  "summary": "NEW YORK: Oil prices edged up about 1 percent on Wednesday on renewed concerns about additional energy supply disruptions in the Middle East due to continued fighting in Yemen, an attack on a refinery in Saudi Arabia and worries the US could strike Iran after next week’s US midterm elections. Brent futures rose USD1.44, or 1 percent, to settle at USD115.32 per barrel, while US West Texas…",
  "key_points": [
    "Oil prices rose 1 percent on Wednesday due to Middle East supply concerns.",
    "Brent futures climbed to $115.32 per barrel, US crude to $102.78.",
    "Analysts warn renewed US military actions could tighten supply further."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}