(Photo courtesy of Anadolu)
ISTANBUL, Türkiye – Global oil prices climbed more than 2 percent on Thursday, October 22, as a drone attack on Saudi Aramco’s Shaybah oil field raised concerns over potential disruptions to energy supplies in the Middle East.
International benchmark Brent crude increased by 2.4 percent to USD 111.40 per barrel as of 6 a.m. GMT, while US benchmark West Texas Intermediate (WTI) rose 2.22 percent to USD 99.30 per barrel.
The price increases followed an attack on the Shaybah oil facility that left two people dead, renewing concerns over the security of critical energy infrastructure in Saudi Arabia.
The incident helped oil prices recover from earlier losses as traders assessed the possibility of further disruptions to regional production and exports.
Adding to market uncertainty, the United States ordered some personnel and family members to leave its diplomatic missions in Saudi Arabia amid heightened regional tensions.
Meanwhile, large-scale Ukrainian drone attacks targeting Russian oil infrastructure this week further complicated the global supply outlook.
The attacks occurred as Moscow sought to expand diesel exports under an agreement between US President Donald Trump and Russian President Vladimir Putin.
Despite the growing geopolitical risks, increasing crude oil shipments from the Middle East could limit further price gains.
Saudi Arabia’s crude exports rose 7.9 percent in August, reaching their highest level since March, while Russia was expected to deliver its first diesel shipment to the United States on Thursday.
Market participants continue to monitor developments in the Middle East and Russia as concerns over energy infrastructure security and global supply availability influence oil prices.
