Brent crude oil futures rose by $1.48, equivalent to 1.3%, reaching $115.36 per barrel. Additionally, the price of West Texas Intermediate (WTI) crude oil in the U.S. increased by $1.22, equivalent to 1.22%, reaching $101.12 per barrel.
Missile Attack on Saudi Refinery
Yemeni forces announced on Tuesday that they targeted Saudi Arabia's largest oil refinery. This refinery, with a processing capacity of 550,000 barrels per day, is considered one of the key facilities in Saudi Arabia's oil industry. Saudi officials have not yet confirmed the attack.
Read more: Meeting to Review Financing of Petrochemical Projects with Omid Shakeri
Impact of the Attack on the Oil Market
This rise in oil prices occurred after prices had dropped by nearly $2 on Tuesday due to easing concerns about oil supply. The upward trend in oil prices emerged as data was expected to indicate an increase in crude oil inventories in the United States. According to a Reuters survey of eight analysts, U.S. crude oil inventories are expected to have increased by about 15,000 barrels in the week ending October 23.
Three sources familiar with the matter told Reuters that oil-producing countries in the OPEC+ group are expected to maintain their oil production targets for December unchanged at their meeting on Sunday, which aligns with market expectations. Production levels among the seven main OPEC+ members, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, are below their set production targets.
Traders also reported that Russian crude oil exports from the country's ports in the Baltic and Black Seas may decline next month, as domestic Russian refineries have increased diesel production following an agreement reached this month with Washington.
Read more: Equinor Predicts LNG Market Situation in Winter Due to Hormuz Restrictions · Oil Prices Rise After Attack on Saudi Refinery
