Global oil prices surged by more than 2% on Thursday following a drone attack on Saudi Arabia’s Shaybah oil field, raising concerns over potential disruptions to international energy supplies.
Brent crude, the international benchmark, rose 2.4% to $111.40 per barrel, while US benchmark West Texas Intermediate (WTI) climbed 2.22% to $99.30 per barrel, according to figures recorded at 6:00am GMT on October 22.
The attack, which reportedly left two people dead, heightened concerns over the security of critical energy infrastructure in the Middle East.
Oil prices rebounded after recording losses earlier in the day, according to Anadolu Agency.
Meanwhile, Ukrainian drone strikes targeting Russian oil infrastructure this week have added to uncertainty over global energy supplies, further supporting crude prices.
However, analysts say rising crude shipments from the Middle East could limit further price increases, as regional exports approach pre-war levels.
Saudi Arabia’s crude oil exports rose by 7.9% in August, reaching their highest level since March.
In another development, Russia’s first diesel shipment of the current cycle was scheduled to arrive in the United States on Thursday,
potentially adding to available fuel supplies.
Market movements will continue to depend on developments in the Middle East, the impact of attacks on energy infrastructure and changes in global oil exports.