Brent surges 1.4% to $115.5 after Houthi attack on Saudi refinery

Brent crude for December delivery jumped 1.4 percent to $115.5 per barrel following reports of an attack by Iran-backed Houthi forces on an oil refinery in Saudi Arabia, fueling supply concerns in markets.

Anadolu reported that the absence of tangible progress in U.S.-Iran negotiations adds additional pressure on prices. The surge comes amid mounting expectations that rising oil prices will deepen inflationary pressures, likely keeping interest rates elevated for longer.

On market fronts, the yield on 10-year U.S. Treasury bonds surpassed the 5 percent level once again, while the dollar index climbed to 102.4, its highest level since October 14. In contrast, gold declined 0.7 percent to trade at $4,033 per ounce.

These developments coincide with anticipation of the Federal Reserve's decision, as analysts surveyed by Anadolu expect its chair to hold rates unchanged, while refraining from providing decisive guidance on December.

On the technology front, reports of Nvidia investing $3 billion in Meta helped drive the sector higher. Nvidia shares rose 1 percent, Advanced Micro Devices gained 5.5 percent, and Micron Technology climbed 2.8 percent. Investors are watching for earnings results from Alphabet and Microsoft scheduled after U.S. markets close.

In Israel, preliminary results — after roughly 16.8 percent of votes were counted — revealed a sharp narrowing between Prime Minister Benjamin Netanyahu's bloc, which is garnering 50.4 percent, and the opposition receiving 49.6 percent according to Yedioth Ahronoth data.