Oil prices advanced Wednesday as traders assessed a Houthi claim of a missile attack on Saudi Arabia’s Ras Tanura refinery, adding to concern about possible disruption to regional oil supplies.
The Houthis said Tuesday they had attacked the refinery with a ballistic missile, CNBC reported. Brent crude futures reached $115.59 a barrel, up $1.50, or 1.32%. U.S. West Texas Intermediate crude stood at $101.37, up $1.47, or 1.47%, CNBC reported.
CNBC said crude prices reflected traders’ concern that regional fighting could interrupt oil flows. Investors were also considering the risk that the conflict could persist and spread, the outlet reported.
CNBC also reported that President Donald Trump told a Texas rally Tuesday that he could bring the Iran conflict to a quick end, while arguing that any settlement must rule out an Iranian nuclear weapon.
EconoTimes previously covered a price rise exceeding 2% after a reported attack on a Saudi oil field, which Anadolu Agency linked to supply concerns.
