Oil up over 1% as Saudi Arabian refinery attack reignites supply risk concerns

Oil prices climbed on Wednesday after Yemen’s Houthis claimed a missile strike on Saudi Arabia’s largest refinery, renewing concern about potential supply disruptions. By 1115 GMT, Brent had gained $1.31, or 1.2%, to $115.19 a barrel, while US West Texas Intermediate rose $1.75, or 1.8%, to $101.65, Business Recorder reported.

Saudi authorities had not confirmed the reported hit on the facility, which has capacity of 550,000 barrels a day. ING strategists said traders were weighing the risk of renewed regional escalation and uncertainty over US policy toward Iran, while an API-reported decline of 2.03 million barrels in US crude stocks also supported prices; the EIA’s figures were due later on Wednesday.

OPEC+ members are expected to keep December output targets unchanged at a Sunday meeting, according to people cited in the report. Traders also expect Russian crude exports from Baltic and Black Sea ports to fall next month as domestic refiners raise diesel production.