Oil jumps as drone attack on Saudi oil field sparks supply disruption fears
Brent crude rises 2.4% to $111.40 a barrel as the attack fuels supply concerns, while higher Middle Eastern exports may limit further gains.
Global oil prices surged by more than 2% today (22 October) following a drone attack on the Shaybah oil field operated by Saudi Arabia's state-owned oil company, Aramco, heightening concerns over potential disruptions to international energy supplies.
International benchmark Brent crude climbed 2.4% to reach $111.40 per barrel.
Meanwhile, the USA benchmark West Texas Intermediate (WTI) rose 2.22% to stand at $99.30 per barrel, according to figures recorded at 6:00am GMT today.
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The attack in Saudi Arabia resulted in two fatalities, casting fresh anxiety over the security of energy infrastructure in the Middle East.
According to reports from Anadolu Agency, oil prices rebounded following early-day losses in the wake of the incident.
Concurrently, extensive drone strikes launched by Ukraine targeting Russian oil infrastructure this week have further compounded uncertainties regarding future energy supplies.
Market analysts note, however, that the upward momentum in oil prices could be curbed as crude shipments from the Middle East continue to rise, with regional exports nearing pre-war levels.
Saudi Arabia's crude oil exports grew by 7.9% in August, marking their highest level since March.
Additionally, Russia's first diesel shipment of the cycle was slated to reach the United States today.
