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

A drone view shows fuel vessels docked at the Baniyas oil terminal in Baniyas, Syria

Oil prices rose on Wednesday after an attack on a refinery in Saudi Arabia, the ​world's biggest crude exporter, renewed concerns around the ‌risks to supply in the Middle East stemming from the conflict with Iran and its proxies.

Brent crude futures rose $1.48, or 1.3%, to $115.36 a ​barrel as of 0140 GMT. US West Texas Intermediate ​crude rose $1.22, or 1.22%, to $101.12.

Yemen's Iran-aligned Houthis said on Tuesday ⁠they had hit Saudi Arabia's biggest oil refinery with ​a missile, intensifying their strikes against the world's second-largest crude ​producer. Saudi authorities did not immediately confirm the strike on the 550,000-barrel-per-day facility.

Prices swung back after dropping nearly $2 on Tuesday as talks in the Middle East eased supply worries.

That was despite data expected to show a rise in crude inventories ‌in ⁠the US. Crude oil stockpiles rose about 15,000 barrels in the week ended October 23, according to a Reuters poll of eight analysts.

The OPEC+ oil-producing countries are expected to keep their ​December output targets steady on Sunday, three people with knowledge of the matter told Reuters, in line with market expectations. Production in most of the ​seven core ⁠OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — is below their output targets.

Crude oil exports from Russia's Baltic and Black Sea ports could fall next month as domestic refiners increase diesel output after a deal with Washington this month, traders said.

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