Oil Surges, Saudi Arabia in the Spotlight

Global oil prices surged during Wednesday’s trading session following claims of an attack on an oil refinery in Saudi Arabia, which reignited concerns regarding energy supplies from the Middle East. Brent crude hovered around US$116.26 per barrel, while West Texas Intermediate (WTI) traded in the vicinity of US$103.53 per barrel during European trading on Tuesday (October 28).

The Iran-backed Houthi group in Yemen claimed to have attacked one of Saudi Arabia’s largest oil refineries using missiles. The facility has a capacity of approximately 550,000 barrels per day. However, Saudi Arabian authorities have yet to provide direct confirmation regarding the attack.

Brent Oil price at the time of this analysis: $115.17

- Buy if the price moves to $115.05

- Sell if the price moves to $115.23

Resistance 2: $115.43

Resistance 1: $115.35

Support 1: $115.00

Support 2: $114.90

Note: This article is analytical in nature and does not serve as a definitive recommendation. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.