Oil Prices Jump After Drone Attack on Saudi Oil Field

Global oil prices rose by more than 2% on Thursday after a drone attack on Saudi Arabia’s Shaybah oil field heightened concerns about potential disruptions to international energy supplies.

Brent crude, the international benchmark, climbed 2.4% to $111.40 a barrel.

West Texas Intermediate (WTI), the US benchmark, rose 2.22% to $99.30 a barrel, according to figures recorded at 6am GMT on Thursday.

The attack in Saudi Arabia resulted in two deaths, raising fresh concerns about the security of energy infrastructure in the Middle East.

Oil prices rebounded after recording losses earlier in the day following the incident.

Meanwhile, extensive Ukrainian drone strikes targeting Russian oil infrastructure this week have added to uncertainty over future energy supplies.

Market analysts noted, however, that the upward pressure on prices could be limited by rising crude shipments from the Middle East, with regional exports approaching pre-war levels.

Saudi Arabia’s crude oil exports increased by 7.9% in August, reaching their highest level since March.

Separately, Russia’s first diesel shipment of the cycle was scheduled to arrive in the United States on Thursday.