Oil rises after attack on Saudi Arabian refinery reignites supply concerns

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

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 West Asia 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 were swinging back after dropping nearly $2 on Tuesday as talks in the West Asia helped ease supply worries.

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