Oil prices rise as attack on Saudi refinery reignites supply concerns

Oil prices moved higher on Wednesday after reports of a missile attack on a major Saudi refinery revived concerns about Middle East supply risks. Brent gained $1.48, or 1.3%, to $115.36 a barrel, while US West Texas Intermediate rose $1.22, or 1.22%, to $101.12, The Express Tribune reported.

Yemen’s Houthis said they had struck the 550,000-barrel-a-day refinery, but Saudi authorities had not confirmed the incident. Prices had fallen by nearly $2 on Tuesday as diplomatic discussions eased concerns; meanwhile, a Reuters poll of eight analysts indicated US crude stocks increased by about 15,000 barrels in the week to October 23. OPEC+ members are expected to leave December output targets unchanged, while traders said Russian exports through Baltic and Black Sea ports could decline next month as local refiners raise diesel production.