The price of Brent oil reached $115.47 per barrel in trading on Wednesday, November 6, 2026. This price increase is due to the Houthi missile attack from Yemen on the Ras Tanura refinery in Saudi Arabia, which has a refining capacity of about 550,000 barrels per day. This attack has heightened concerns about the security of oil supply in the global market.
Impact of Price Increase on the Global Market
The rise in Brent oil prices to around $116 could increase production, transportation, and energy supply costs across various sectors of the global economy. According to reports, Brent oil prices experienced a 1.4% increase following the news of the attack on Ras Tanura, and West Texas Intermediate oil in the United States also reached around $101.33. In the Middle East, this price increase could boost the nominal income of exporters, but countries facing production constraints, export disruptions, or high transportation costs may not be able to benefit from this price rise.
Read more: Severe fluctuations in natural gas cash prices in the United States
Future Outlook and Economic Implications
The rise in oil prices not only affects the trade balance of importers but could also exert additional pressure on energy supply and industrial production costs in the world's major economies. If this situation continues, inflationary pressures will increase, and central banks may face tougher decisions to curb inflation.
The U.S. Energy Information Administration has also estimated that global oil reserves will decrease by an average of 1.9 million barrels per day in the third quarter of 2026, and if disruptions continue, the market may face regional shortages and increased transportation costs. In such conditions, there is also the possibility of intensified competition among buyers.
Forecasting oil prices for the remaining days of November is difficult as the market is influenced by geopolitical factors, inventory statistics, and producers' decisions. Three scenarios for the remainder of the month include price stabilization at high levels, further price increases, or price retreats. Therefore, the current state of the oil market requires close monitoring to determine whether this price increase will turn into a sustained crisis or not.
Read more: India's gasoline demand peak is likely to be realized by 2035 · Oil prices drop amid hopes for reduced tensions in the Middle East
