Staff reporter:
Global oil prices surged by more than 2 percent on Thursday following a drone attack on the Shaybah oil field operated by Saudi Arabia’s state-owned oil company, Aramco, heightening concerns over potential disruptions to international energy supplies.
International benchmark Brent crude climbed 2.4 percent to reach $111.40 per barrel.
Meanwhile, the USA benchmark West Texas Intermediate (WTI) rose 2.22 percent to stand at $99.30 per barrel, according to figures recorded at 6:00am GMT on Thursday.
The attack in Saudi Arabia resulted in two fatalities, casting fresh anxiety over the security of energy infrastructure in the Middle East.
According to reports from Anadolu Agency, oil prices rebounded following early-day losses in the wake of the incident.
Concurrently, extensive drone strikes launched by Ukraine targeting Russian oil infrastructure this week have further compounded uncertainties regarding future energy supplies.
Market analysts note, however, that the upward momentum in oil prices could be curbed as crude shipments from the Middle East continue to rise, with regional exports nearing pre-war levels.
Saudi Arabia’s crude oil exports grew by 7.9 percent in August, marking their highest level since March.
Additionally, Russia’s first diesel shipment of the cycle was slated to reach the United States on Thursday.
