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

BEIJING: 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 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 were swinging back after dropping nearly $2 on Tuesday ​as talks in the Middle East helped ease supply ​worries.

That was despite data expected to show a rise in crude inventories ‌in ⁠the US.

Houthis claim attack targeting Riyadh airport with ballistic missile

Crude oil stockpiles rose by about 15,000 barrels in the week ended October 23, according to a poll of eight analysts by Reuters.

The OPEC+ oil-producing countries are expected to ​keep their ​December oil 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 following a deal with Washington this ​month, traders said.