Oil Rises as Attacks on Saudi Energy Assets Raise Supply Concerns
Oil prices rose on Wednesday after two consecutive sessions of losses, as Houthi claims of attacks on Saudi Arabia’s energy infrastructure renewed concerns over potential supply disruptions amid ongoing tensions in the Middle East.
International benchmark Brent crude futures for January delivery rose 1.73% to $111.30, up from the previous close of $109.41. US benchmark West Texas Intermediate (WTI) crude futures for December delivery rose 1.82% to $101.72 a barrel, up from $99.90 at the previous close.
Yemen’s Houthi group claimed Tuesday that it had targeted Saudi Arabia’s Ras Tanura oil refinery with a ballistic missile. Houthi military spokesman Yahya Saree said the missile hit the refinery in Saudi Arabia’s Eastern Province and caused large fires at the site.
Saudi authorities did not immediately comment on the claim.
The latest claim came a day after the Houthis said they had carried out drone attacks targeting pumping stations along Saudi Arabia’s East-West crude oil pipeline.
Also known as Petroline, the pipeline offers an alternative route to transport Saudi crude oil to the Red Sea without passing through the Strait of Hormuz, where shipping remains severely disrupted by the ongoing regional conflict.
Brent crude had climbed above $117 a barrel last week before retreating as investors assessed diplomatic efforts to ease regional tensions.
Saudi Arabia, Türkiye and Pakistan held talks with Iranian officials in Tehran on Monday and agreed to continue discussions aimed at strengthening regional peace and security.
Meanwhile, declining US crude inventories provided additional support to prices.
According to the American Petroleum Institute (API), US crude inventories fell by 2.03 million barrels in the week ending Oct. 23, versus market expectations of an 800,000-barrel increase.
Official inventory data from the US Energy Information Administration (EIA) was due later on Wednesday. Markets are also monitoring Sunday’s OPEC+ meeting, where producers are expected to maintain their December production targets. Ex-NIMASA Boss Seeks Framework to Boost Blue Economy
