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Oil up over US$2 as Saudi Arabian refinery attack reignites supply risk concerns

Reuters

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Oil prices climbed over $2 per barrel following a reported missile attack on a Saudi Arabian refinery, heightening concerns over supply chain stability in the Middle East. Markets remain volatile as they await further clarity on US policy toward Iran and upcoming OPEC+ production decisions.

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Geopolitical instability in oil-producing regions directly impacts global energy prices and economic inflation.

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SINGAPORE: Oil prices rose by more than $2 on Wednesday after an attack on a refinery in Saudi Arabia, the world's top crude exporter, renewed concerns about supply risks because of conflicts in the Middle East.

Brent crude futures rose $2.02, or 1.8%, to $115.90 a barrel as of 0735 GMT. US West Texas Intermediate crude gained $2.01, or 2.0%, at $101.91.

Yemen's Iran-aligned Houthis said on Tuesday they had hit Saudi Arabia's biggest oil refinery with a missile, intensifying their strikes against the world's second-largest crude producer. Saudi authorities did not immediately confirm the strike on the 550,000 barrel-per-day facility.

Prices swung higher after dropping nearly $2 on Tuesday.

For now, the market is still pricing in a greater likelihood of re-escalation, ING commodity strategists said on Wednesday.

"Oil prices remain elevated as the market waits for greater clarity on President Trump's next move toward Iran," said ING strategists.

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Houthi Missile Strike on Saudi Refinery Ignites Regional Market Jitters

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