Global oil prices climbed on Wednesday after Yemen’s Houthi group claimed responsibility for a missile attack on Saudi Arabia’s largest oil refinery, renewing concerns about potential disruptions to energy supplies across the Middle East.
Brent crude futures rose $1.48, or 1.3%, to $115.36 per barrel, while US West Texas Intermediate (WTI) crude increased $1.22, or 1.22%, to $101.12. The gains followed a decline of nearly $2 in oil prices during the previous trading session.
The Houthis said they had targeted the refinery on Tuesday as regional hostilities continued to threaten critical energy infrastructure. The facility has a processing capacity of approximately 550,000 barrels per day, making it an important part of Saudi Arabia’s oil industry.
Saudi authorities had not immediately confirmed the reported strike, leaving uncertainty over the extent of any damage and its potential impact on production.
Saudi Arabia is the world’s largest crude oil exporter, and any disruption affecting its energy infrastructure could have significant consequences for international markets. Traders are closely monitoring developments as tensions involving Iran and its regional allies continue to raise concerns about supply security.
Meanwhile, market participants are awaiting fresh US crude inventory data. Analysts surveyed by Reuters had expected a modest increase in stockpiles for the week ending October 23.
The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, are also expected to maintain their December production targets at an upcoming meeting.
Investors will continue watching regional security developments, oil inventories and production decisions for further direction in global energy markets.
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