Ras Tanura attack: Yemen’s Houthi rebels claimed missile strikes on Tuesday, October 27, 2026, against Saudi Arabia’s largest refinery and against the Ministry of Defense in Riyadh. Saudi Arabia contained a fire near the Ras Tanura oil export terminal shortly afterward, and Brent crude rose 1.3% to $115.36 a barrel around 1:40 a.m. GMT on Wednesday, according to Reuters.
The attack on Ras Tanura and its immediate consequences
Houthi rebels said on Tuesday they had targeted Saudi Arabia’s largest refinery as well as the Ministry of Defense in Riyadh, with debris from interceptions causing damage in the capital, according to Le Monde. Saudi Arabia then contained a fire that broke out near its largest oil export terminal, located at Ras Tanura in the Gulf, following an attack early Tuesday. A person close to the matter cited by Bloomberg said the extent of the damage was not yet known.
This sequence follows a regional escalation already documented in previous days, between maritime sanctions against Iran and tensions over Gulf supply routes, as recalled in our weekly review of sanctions and crude stocks.
Brent and WTI turn higher
According to Reuters, Brent gained $1.48, or 1.3%, to reach $115.36 a barrel at 1:40 a.m. GMT Wednesday, while US WTI rose $1.22, or 1.22%, to $101.12. Reuters directly links this rebound to the attack on the Saudi refinery, with markets pricing back in a risk premium over Gulf supply.
This move contrasts with the pullback seen the day before, documented in our October 26 briefing, when Brent fell back below $115 after earlier Houthi strikes in Saudi Arabia. The volatility in crude over the past week illustrates the market’s sensitivity to each new incident in the region, a factor already noted in our October 25 briefing.
| Indicator | Value | Date |
|---|---|---|
| Brent (after the Ras Tanura attack) | $115.36 a barrel | October 28, 2026, 1:40 a.m. GMT |
| WTI (after the Ras Tanura attack) | $101.12 a barrel | October 28, 2026, 1:40 a.m. GMT |
| Dow Jones (close) | 52,377.57 points (+0.03%) | October 27, 2026 |
| S&P 500 (close) | 7,722.60 points (+0.60%) | October 27, 2026 |
| Nasdaq Composite (close) | 26,477.81 points (+1.18%) | October 27, 2026 |
Wall Street closed higher Tuesday, lifted by AI
On Tuesday, October 27, the Dow Jones rose 15.99 points, or 0.03%, to 52,377.57, the S&P 500 added 45.83 points, or 0.60%, to 7,722.60, and the Nasdaq Composite gained 308.43 points, or 1.18%, to 26,477.81, according to Reuters. The rebound was driven by technology stocks and semiconductors, against a backdrop dominated by news of Anthropic’s planned stock market listing. This technology-led momentum extends the trend already seen during the October 22 session lifted by SpaceX, Meta and Tesla.
Today’s agenda: FOMC decision and Microsoft and Alphabet earnings
The Federal Reserve releases its rate decision this Wednesday, October 28, 2026, at 2:00 p.m. Eastern Time, at the conclusion of a two-day meeting that began on October 27, followed by a press conference at 2:30 p.m., according to the Federal Reserve’s official calendar. According to a Reuters poll conducted from October 16 to 20, 2026, among 100 economists, 94 of them expected the benchmark rate to stay unchanged in the 3.75% to 4.00% range, in line with market pricing observed at that time, according to Reuters. This is an economists’ forecast, not a figure announced by the Fed itself.
Microsoft and Alphabet are both set to release their quarterly earnings after the market close this Wednesday. Alphabet’s conference call is scheduled for 1:30 p.m. Pacific Time, or 4:30 p.m. Eastern Time, according to The Silicon Ledger. These releases come after several sessions marked by close attention to major technology stocks, as noted in our October 24 briefing, which already mentioned Microsoft and Alphabet ahead of the Fed.
What this briefing does not say: which direction Brent or US indices will take once these announcements are known. The levels and agenda above are dated facts, not a forecast for Wednesday’s session.
Frequently asked questions
Why did Brent rebound after the attack on Ras Tanura?
Brent rose 1.3% to $115.36 a barrel around 1:40 a.m. GMT Wednesday, according to Reuters, which links this move to the attack claimed by the Houthis on the Saudi refinery and to the fire contained near the Ras Tanura terminal. Oil markets typically react to any perceived threat to Gulf export capacity.
What is the Fed deciding this Wednesday, October 28?
The FOMC releases its rate decision at 2:00 p.m. Eastern Time, at the conclusion of a meeting that began on October 27, according to the Federal Reserve’s official calendar. A Reuters poll of 100 economists found that 94 of them expected the benchmark rate to remain between 3.75% and 4.00%, but this is a forecast, not an announcement already made.
Why did Wall Street close higher Tuesday despite tensions in the Middle East?
According to Reuters, Tuesday’s gains, with the Nasdaq up 1.18%, were driven by a rebound in technology and semiconductor stocks, in a climate dominated by news of Anthropic’s planned stock market listing, rather than by oil-related tensions.
When do Microsoft and Alphabet release their earnings?
Both companies report after the market close this Wednesday, October 28, 2026. Alphabet’s conference call is set for 1:30 p.m. Pacific Time, or 4:30 p.m. Eastern Time, according to The Silicon Ledger, which notes that the earnings release is posted online before the call.