Saudi coalition reports three ballistic missiles and four drones intercepted
Oil prices rose Wednesday as traders assessed renewed threats to Middle East energy supplies after Yemen’s Houthi militants said they had targeted the Ras Tanura refinery, Saudi Arabia’s largest oil refinery. The claim was not immediately confirmed.
December Brent crude futures rose 1.9% to $116.03 a barrel. December West Texas Intermediate futures gained 2% to $101.91 a barrel.
The Houthis said Tuesday that they struck the Ras Tanura refinery in the Eastern Province with a ballistic missile. The facility, Saudi Arabia’s largest oil refinery, has a processing capacity of 550,000 barrels a day and is located at one of Saudi Arabia’s main crude-export hubs.
Aramco, which operates the refinery, did not immediately respond to a request for comment on the attack. Saudi authorities also had not confirmed the claimed strike or any damage.
A Saudi-led military coalition that includes Bahrain and Egypt said Tuesday that its air defenses intercepted and destroyed three ballistic missiles launched toward the Eastern Province and four drones targeting the kingdom’s southern region.
Saudi Arabia’s Civil Defense separately reported damages following another intercepted Houthi attack. That statement did not establish that the damages occurred at Ras Tanura or resulted from the claimed refinery strike.
The attacks came amid diplomatic efforts to ease regional tensions. Earlier in the week, Iran, Saudi Arabia, Pakistan and Turkey agreed to continue discussions on regional peace and security.
The prospect of diplomatic talks failed to generate significant selling interest in oil, analysts at ANZ Research said Wednesday. The analysts said traders were increasingly focused on developments on the ground and that risks to crude supplies continued to increase.
Separately, seven OPEC+ producers were scheduled to meet Sunday to review market conditions and production policy.