Brent crude rose $1.22, or 1.07%, to $115.10 a barrel on Wednesday morning. At the same time, WTI gained $0.96 to $100.90. The rebound came after Saudi Arabia contained a fire near Aramco’s Ras Tanura export hub, Bloomberg reported.
What happened at Ras Tanura
The blaze broke out early on Tuesday near Aramco facilities, after an attack in the region. So far, the extent of the damage is unclear. Separately, the Saudi-led coalition said it intercepted three ballistic missiles and four drones fired by the Houthis. The Houthis had claimed a missile strike on the Ras Tanura refinery, which can process 0.55mmbbl/d.
Brent crude swings on talks
On Tuesday, by contrast, Brent settled down $1.93, or 1.67%, at $113.88. Likewise, WTI fell $1.86 to $99.90. Prices eased because Saudi, Turkish and Pakistani officials held talks in Tehran. Even so, oil is still up about 13% this month. For background, read our report on the UBS Brent forecast.
Sources
- Bloomberg (via Rigzone): Aramco Contains Fire Near Ras Tanura Oil Hub
- Al Jazeera: Saudi-led coalition says it downed Houthi missiles, drones aimed at kingdom
- The Times of India: Oil price today: Brent crude holds firm at $115 per barrel, WTI trades at $100
- The Star (via KLSE Screener): Oil slides as Mideast talks ease supply fears
