Highlights

  • WTI crude traded at 101.46, up 1.25 (+1.25%), during the session.
  • The session opened at 100.17 and reached a high of 101.64.
  • WTI touched a session low of 99.75.
  • Brent settled at USD 113.88 a barrel on 27 October, down USD 1.93, while WTI closed at USD 99.90.
  • October recorded the most attacks on commercial shipping near the Strait of Hormuz since tracking began in 2017.
  • Traders are watching support near 100 and 95 and resistance near 105 and 110.

WTI crude oil climbed 1.25% to 101.46 on 28 October 2026 as renewed Houthi attacks on Saudi Arabia and disrupted shipping near the Strait of Hormuz outweighed hopes of diplomacy with Iran. The session opened at 100.17 and ranged between 99.75 and 101.64, adding 1.25.

The rebound follows a pullback on 27 October, when both benchmarks fell but stayed near six-month highs.

WTI Rebounds Back Above 100

WTI opened at 100.17, dipped to 99.75 and climbed to a high of 101.64, leaving the latest price at 101.46. On 27 October, Brent settled at USD 113.88 a barrel, down USD 1.93 or 1.67%, and WTI fell USD 1.86 or 1.83% to close at USD 99.90.

TradingView chart for WTI Crude Oil

Image source: Tradingview chart, 28 October 2026

Houthi Attacks Revive Supply Fears

The Houthis renewed attacks on Saudi Arabia and claimed a ballistic missile struck the Ras Tanura refinery. Shipping disruption and the lack of an agreement to end the war involving the United States, Israel and Iran kept prices elevated. Brent had topped USD 117 the previous week, its highest since April, after Iranian attacks on tankers.

Diplomacy Offers a Counterweight

Iran, Saudi Arabia, Turkey and Pakistan agreed to keep discussing peace and security cooperation. Markets were also weighing the outcome of Israel's 27 October parliamentary election, which could affect the Iran conflict.

Hormuz Shipping Under Record Pressure

October recorded the most attacks on commercial shipping in and around the Strait of Hormuz since the Washington Institute for Near East Policy began tracking such incidents in 2017. UBS now expects Brent to stay near USD 110 through end-2026, up from an earlier forecast of USD 100. Russian crude exports from Baltic and Black Sea ports are expected to fall in November.

Inventories, Fed and Fuel Costs

Commercial crude inventories fell 3.1 million barrels to 412.5 million barrels in the week to 16 October, 3% below the five-year average. The Fed is expected to hold rates at 3.75%-4.00% at 14:00 ET today, while the AAA national average for regular gasoline stood at USD 4.26 per gallon on 27 October.

Technical Outlook: WTI Crude Oil

WTI crude was quoted at 101.46, against an opening level of 100.17, a session high of 101.64 and a session low of 99.75. The change on the day stood at +1.25, or +1.25%.

WTI spiked above 119 intraday in March, peaked again near 117 in April and near 110 in May, then fell to near 67 in early July. Since then it has climbed back above 100, with a September high near 106.5. A sustained move above that high would be needed before the recovery could be considered extended.

Key Levels to Watch

The nearest support zone sits near 100, followed by the area near 95. Resistance sits near 105, just below the September high near 106.5, followed by the area near 110. These are approximate levels rather than calculated pivots.

A hold above 100 would keep the recent recovery intact, while a slip below it would bring 95 into view. A sustained move through 105 would be needed before 110 becomes relevant.

Summary

WTI crude rose 1.25% to 101.46 on 28 October 2026 as Houthi attacks and Hormuz shipping disruption outweighed diplomatic hopes. The Fed decision today and further developments in the Iran conflict are next, with support near 100 and resistance near 105 framing the near-term range.