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Crude prices rise after drone attack on Saudi Aramco oil field

Crude oil prices increased following a deadly drone strike on a Saudi Arabian oil facility and rising security concerns in the Gulf region.

FTMQ Climate, written by our newsroom0 views

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Picture: Rigzone News

Crude oil prices rose as supply concerns intensified following a drone attack on a Saudi Aramco oil field. Rigzone News reported that Brent crude traded around $110 a barrel after settling near $109, while West Texas Intermediate prices also increased. FXEmpire reported that the strike targeted the Shaybah oil field. [1][5]

The drone strike resulted in two fatalities, according to the state-run Saudi Press Agency cited by Rigzone News. EnergyNow.com reported that attacks have disrupted Saudi oil output and reduced flow along the East-West Pipeline. [1][2]

Regional security concerns have expanded beyond energy infrastructure. Rigzone News, citing a Reuters report based on three American officials, stated that the US State Department is preparing an ordered departure of selected personnel and family members from US embassies in the Gulf region. [1]

Oil prices have climbed approximately 80 percent this year. According to Rigzone News, prices for refined fuels such as diesel have experienced even larger gains due to ongoing supply disruptions in the Strait of Hormuz. [1]

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In short

  • A drone attack on a Saudi Aramco oil field killed two people.
  • Brent crude oil prices rose to around $110 a barrel following the attack.
  • Attacks disrupted Saudi oil output and flow along the East-West Pipeline.
  • The US State Department is preparing to evacuate some embassy personnel from the Gulf region.

Sources

Every paragraph above points to the numbered items it rests on. Read the originals here.

  1. [1]Oil Gains After Saudi Oil Field AttackRigzone News, 5h ago (the report this story comes from)
  2. [2]Attacks Cut Saudi Oil Output and East-West Pipeline Flow, State News Agency SaysEnergyNow.com, 1d ago
  3. [3]Oil Rises as Deadly Saudi Attack Fans Middle East Supply FearsBloomberg.com, 3h ago
  4. [4]Oil Gains After Saudi Oil Field AttackRigzone, 5h ago
  5. [5]Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Rallies As Houthis Attack Shaybah Oil FieldFXEmpire, 1d ago

Background

  1. [6]History of the oil industry in Saudi Arabia on Wikipedia
  2. [7]Attack on Clark Field on Wikipedia

Our newsroom writes these reports with the help of software, from the 7 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.

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Earlier reports of ours on the same people and subjects.

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