(Oil & Gas 360) – Oil prices climbed Wednesday, October 28, as renewed threats against Saudi Arabian energy infrastructure overshadowed diplomatic efforts to reduce tensions in the Middle East, reinforcing concerns about the security of crude production, refining operations, and international petroleum shipments.Brent crude futures increased $2.02, or 1.8%, to $115.90 per barrel by 0735 GMT, while U.S. West Texas Intermediate rose $2.01, or 2%, to $101.91. The gains followed Tuesday’s decline, when expectations for diplomatic progress temporarily reduced the geopolitical premium embedded in crude prices.Yemen’s Iran-aligned Houthi movement claimed responsibility for a missile strike against Saudi Arabia’s Ras Tanura refinery, a major processing facility with capacity of approximately 550,000 barrels per day. Saudi authorities had not immediately confirmed the reported strike, and there was no verified assessment of damage or production losses.The refinery claim follows reported attacks targeting Saudi Arabia’s East-West pipeline pumping stations and Riyadh’s international airport. The pipeline provides an alternative export route that allows Saudi crude to reach the Red Sea without passing through the Strait of Hormuz.Threats to both traditional shipping corridors and alternative infrastructure are complicating efforts to restore reliable petroleum flows following months of regional conflict.Saudi Arabia, Turkey, and Pakistan met with Iranian officials in Tehran earlier this week, agreeing to continue discussions focused on regional security. However, continued military activity has limited the market’s confidence that negotiations will translate into immediate improvements in oil transportation.According to ANZ Research, Gulf crude exports have declined for four consecutive weeks, while shipments through the Strait of Hormuz recently operated at approximately 60% of normal levels. Global distillate inventories were also nearly 5% below their five-year average.Additional support for crude prices came from preliminary U.S. inventory data. The American Petroleum Institute reported a 2.03 million-barrel decline in domestic crude stocks for the week ending October 23, compared with market expectations for an increase. Official Energy Information Administration figures were scheduled for release Wednesday.For upstream producers, elevated crude benchmarks can strengthen cash flow and support near-term operating margins. However, persistent transportation disruptions and higher insurance expenses can offset some benefits, particularly for companies dependent on international exports.Refiners face a different set of challenges. Potential interruptions to crude deliveries, changing feedstock costs, and tight diesel supplies can produce significant volatility in refining margins.The security of Saudi Arabia’s East-West pipeline is particularly important because alternative export infrastructure becomes more valuable when maritime transportation through the Persian Gulf is constrained.Investors are also monitoring the upcoming OPEC+ meeting, where participating producers are expected to maintain December output targets. Actual production and export availability remain more important than announced quotas when physical supply routes are disrupted.The immediate direction of crude prices will depend on whether diplomatic negotiations improve regional security, whether reported infrastructure attacks result in measurable outages, and how quickly petroleum shipments can recover.The latest rebound illustrates that oil markets remain highly sensitive to threats against critical energy infrastructure, even when negotiations offer the possibility of reduced geopolitical tensions.Disclaimer This informational, opinion, and insights article is provided for informational purposes only and does not constitute investment, legal, or financial advice. The views expressed are based on publicly available information and market conditions at the time of publication and are subject to change without notice.