Oil rebounds above $100 after Saudi refinery strike
after close1 source ↓machine-written, see hownot a recommendation
- BPCL close
- ₹295.60
- On the day
- +1.79%
- Futures OI, long build-up
- +8.8%
- Put-call ratio
- 1.01
- Max pain
- ₹300.00
Global crude prices rebounded on 28 Oct 2026 after Yemen’s Iran-aligned Houthis said they had targeted Saudi Arabia’s largest oil refinery, reviving concerns over supply security in the Middle East. December Brent crude rose $1.55, or 1.36%, to $115.43 a barrel, while West Texas Intermediate gained 1.43% to $101.32. The move reversed part of the previous session’s nearly $2 decline, when diplomatic efforts had reduced the geopolitical risk premium. ⚡
Saudi authorities had not confirmed the strike on the reported 5.5 lakh barrel-per-day facility. That leaves the immediate market impact tied to the credibility of the attack report and whether further incidents affect refinery infrastructure, commercial shipping or crude flows through the Strait of Hormuz. The price response nevertheless put WTI back above the $100 threshold highlighted in the earlier bulletin.
For Indian oil marketing companies, OI Charts data as of 27 Oct showed BPCL at ₹295.60, up 1.79%, while IOC closed at ₹131.75, up 0.69%. Both stocks recorded long build-up in their futures: open interest rose 8.8% for BPCL and 12.9% for IOC. Their futures remained at discounts to spot of 0.37% and 0.64%, respectively, indicating that the derivatives positioning accompanied the stock gains without futures trading at a premium.
BPCL’s options data showed a put-call ratio of 1.01 and max pain at ₹300, with the largest call open interest at ₹300 and the largest put open interest at ₹250. IOC’s put-call ratio was 1.08, with max pain at ₹135 and the largest call and put open interest both at ₹150. The contracts expire on 23 Nov 2026, leaving 27 days in the OI Charts read.
The next market focus is confirmation or denial from Saudi authorities, follow-up attacks and any change in shipping conditions around Hormuz. Traders will also watch whether crude remains above $100 and whether the long build-up in BPCL and IOC holds through the November expiry. ⛽
Source: MorungExpress, 28 Oct 2026
Not investment advice. For informational purposes only.