Oil Prices Climb as Saudi Oil Field Attack Raises Supply Fears
(MENAFN) Global oil prices gained more than 2% on Thursday after a drone strike on Saudi Aramco’s Shaybah oil field intensified concerns about potential disruptions to energy supplies.
Brent crude, the international benchmark, increased 2.4% to $111.40 per barrel by 0600 GMT. Meanwhile, US benchmark West Texas Intermediate (WTI) advanced 2.22% to $99.30 per barrel.
The attack, which claimed two lives, heightened concerns about the safety of energy infrastructure across the Middle East and helped crude prices rebound after earlier declines.
Security concerns also grew after the United States directed some employees and their family members to depart its diplomatic missions in Saudi Arabia, adding to uncertainty surrounding the regional situation.
Meanwhile, extensive Ukrainian drone strikes against Russian oil infrastructure during the week created further uncertainty over global supplies. The attacks came as Moscow sought to increase diesel exports under an agreement between US President Donald Trump and Russian President Vladimir Putin.
However, rising crude shipments from the Middle East could limit additional price increases by easing some supply pressures. Regional export volumes have been moving closer to levels recorded before the war.
Saudi Arabia’s crude oil exports climbed 7.9% in August, reaching their highest level since March. At the same time, Russia was expected to send its first diesel shipment to the United States on Thursday, potentially adding another source of supply to the market.
With attacks on energy facilities raising concerns about potential shortages while export flows show signs of recovery, oil markets remain sensitive to developments affecting production, transportation and international trade.
Brent crude, the international benchmark, increased 2.4% to $111.40 per barrel by 0600 GMT. Meanwhile, US benchmark West Texas Intermediate (WTI) advanced 2.22% to $99.30 per barrel.
The attack, which claimed two lives, heightened concerns about the safety of energy infrastructure across the Middle East and helped crude prices rebound after earlier declines.
Security concerns also grew after the United States directed some employees and their family members to depart its diplomatic missions in Saudi Arabia, adding to uncertainty surrounding the regional situation.
Meanwhile, extensive Ukrainian drone strikes against Russian oil infrastructure during the week created further uncertainty over global supplies. The attacks came as Moscow sought to increase diesel exports under an agreement between US President Donald Trump and Russian President Vladimir Putin.
However, rising crude shipments from the Middle East could limit additional price increases by easing some supply pressures. Regional export volumes have been moving closer to levels recorded before the war.
Saudi Arabia’s crude oil exports climbed 7.9% in August, reaching their highest level since March. At the same time, Russia was expected to send its first diesel shipment to the United States on Thursday, potentially adding another source of supply to the market.
With attacks on energy facilities raising concerns about potential shortages while export flows show signs of recovery, oil markets remain sensitive to developments affecting production, transportation and international trade.
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