Oil prices climbed nearly 1 per cent on Wednesday, October 14, after an administrative building linked to Saudi Arabia’s state-owned oil giant Saudi Aramco was attacked in Dhahran, eastern Saudi Arabia. The incident sparked a limited fire, according to the Energy Ministry, adding to concerns about potential disruptions to global energy supplies amid escalating tensions in the Middle East.
\n\nInvestors are weighing the threat of further attacks on Saudi oil infrastructure and shipping routes against the possibility of increased diesel supplies from Russia.
\n\nInternational benchmark Brent crude futures advanced 0.93 per cent, to $106.06 a barrel. US West Texas Intermediate (WTI) crude futures gained $1.24, or 1.32 per cent, to $95.38 per barrel.
\n\nThe latest gains followed a mixed session on Tuesday, when Brent crude declined 0.9 per cent, while WTI rose 0.4 per cent.
\n\nThe attack has drawn attention to Dhahran, which hosts a major operations centre for Saudi Aramco. The company oversees a vast energy infrastructure network encompassing onshore and offshore oil rigs, pipelines, refineries and export terminals. Any further escalation targeting such facilities could intensify concerns over the reliability of oil supplies from the region.
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\n\nThe incident comes amid a week of…
Original source: https://www.timesnownews.com/business-economy
