A pumpjack operates outside of Midland, Texas, US, on Thursday, Oct. 15, 2026.
Eli Hartman | Bloomberg | Getty Images
Oil prices climbed Wednesday as investors weighed the prospect of a prolonged and widening Middle East conflict after Tehran-backed Houthis attacked Saudi Arabia’s largest refinery.
International benchmark Brent crude futures rose 0.7% to $114.68 per barrel, while U.S. West Texas Intermediate crude futures gained 1.42%, to $101.32 per barrel.
The Houthis said on Tuesday they had attacked Saudi Arabia’s Ras Tanura refinery with a ballistic missile, raising worries of an escalation in the regional conflict.
Trump, meanwhile, said that the war with Iran would end on his terms, while insisting that Tehran must be prevented from acquiring nuclear weapons.
Speaking at a campaign rally in Texas on Tuesday, Trump said the conflict could be brought to a swift conclusion but stressed that any agreement must ensure Iran would never possess a nuclear weapon.
Oil prices since the start of the year
His remarks followed earlier comments that he was weighing whether to reach a deal with Tehran or pursue further military action, keeping investors on edge over the possibility of renewed strikes.
Concerns over disruptions to oil flows have kept a geopolitical risk premium embedded in crude prices, with traders closely monitoring developments in the region.
Adding to the uncertainty, Israel’s election appeared headed for a political stalemate, with neither Prime Minister Benjamin Netanyahu nor his main challenger, Gadi Eisenkot, securing a clear path to a governing majority.
Preliminary exit polls showed the rival blocs falling short of the 61 seats required to control Israel’s 120-member parliament, raising the prospect of protracted coalition negotiations and clouding the outlook for Israel’s approach toward Iran.
