Oil Prices Surge After Houthi Attack on Saudi Refinery
Oil prices rose above $100 a barrel after the Houthis claimed a missile strike on Saudi Arabia's largest oil refinery near Ras Tanura.
Global oil prices rose on Wednesday following a missile attack on the largest oil refinery in Saudi Arabia. Brent crude futures increased to $115.36 a barrel, while West Texas Intermediate crude climbed to $101.12, reversing price drops from the previous day.
The Houthis, an Iran-aligned group based in Yemen, claimed responsibility for the Tuesday strike on the 550,000 barrel per day facility. The attack occurred near the Ras Tanura export terminal, the largest in the country. The Government of the Kingdom of Saudi Arabia reported that it has since contained a fire resulting from the attack, though authorities initially did not confirm the specific nature of the strike.
The price surge occurs as traders weigh Middle East supply risks against broader market factors. OPEC+ is expected to maintain its December oil output targets this Sunday. Additionally, crude exports from Russia may decline next month as domestic refiners increase diesel production following a deal with the United States government.
