Brent crude rose to $114.87 a barrel on 28 October 2026 after the Wall Street Journal reported that Washington has warned several Gulf Arab states to prepare for a possible renewed US military campaign against Iran after the 3 November US midterm elections. The oil price rise reflects fresh Middle East supply risk, with Houthi strikes on Saudi targets adding to the pressure.
According to The National, which quoted prices at 2pm UAE time, Brent was up 0.87% at $114.87 and US benchmark WTI was up 1.59% at $101.49. Crude had gained more than 2% earlier in the session and was roughly flat for the week after falling about 1.6% on Tuesday.
What Did the US Tell Gulf States About Iran?
The Wall Street Journal reported that Washington warned several Gulf Arab states to prepare for a renewed military campaign against Iran after the 3 November midterms. On Sunday, President Donald Trump said he had a “decision to make” on Iran and that talks had not yet produced a deal.
Is There a Diplomatic Track?
Qatari mediators have given Iran a new draft deal to end the war, and Iran is expected to respond by the end of the week, an official told Reuters. Iranian Foreign Minister Abbas Araghchi warned that an Israeli-instigated escalation in the Gulf could have a “devastating impact on international markets”.
What Are the Houthis Doing?
The Saudi-led coalition said it intercepted and destroyed a Houthi ballistic missile aimed at Taif on Wednesday morning. The Houthis separately claimed a drone strike on Abha International Airport; Saudi Arabia had not immediately confirmed it.
Market and Trade Reaction
UBS raised its price forecasts and expects Brent to stay near $110 through year-end, citing tight supply, falling inventories and high freight costs. UBS strategist Giovanni Staunovo wrote that Middle Eastern flows, while improving, have not yet fully normalised. In India, the Sensex closed 352.64 points lower at 73,246.03 on 28 October as a fresh spike in crude weighed on sentiment, according to market reports.
What Happens Next?
Traders will watch Iran’s response to the Qatari draft, expected by the end of the week, and the 3 November US midterm elections, after which the reported timeline for any renewed US action begins. Israel’s election, where Prime Minister Benjamin Netanyahu’s bloc led in early returns, is also on the watch list.
Frequently Asked Questions
What is the Brent crude price today?
On 28 October 2026, Brent traded at about $114.87 a barrel and WTI at $101.49, per The National’s midday report. Prices change through the day.
Why are oil prices rising?
Prices rose on the WSJ report of possible renewed US action against Iran after the midterms, Houthi strikes on Saudi targets, and tight supply.
What does UBS expect for oil prices?
UBS expects Brent to stay near $110 a barrel through year-end.
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