Oil prices rise after attack on Saudi Arabian refinery reignites supply concerns

Business Recorder reported that oil futures climbed on Wednesday after Yemen’s Houthis claimed a missile strike on Saudi Arabia’s largest refinery, renewing concern over Middle Eastern supply risks. At 0140 GMT, Brent was up $1.48, or 1.3%, at $115.36 a barrel, while US West Texas Intermediate gained $1.22, or 1.22%, to $101.12.

Saudi authorities had not confirmed the reported strike on the facility, which has capacity of 550,000 barrels per day. Prices rebounded after losing nearly $2 on Tuesday as regional talks eased supply concerns, despite a poll indicating US crude inventories increased by about 15,000 barrels in the week to October 23. OPEC+ is expected to leave December output targets unchanged, while traders said Russian exports through Baltic and Black Sea ports could decline next month as domestic refiners raise diesel production.