Riyadh:Oil prices surged more than 2% on Thursday after a drone attack targeted Saudi Aramco's Shaybah oil field, intensifying concerns over potential disruptions to energy supplies.
According to Anadolu Agency – English, the international benchmark Brent crude was trading at $111.40 per barrel, marking a 2.4% rise as of 0600GMT, while the US benchmark West Texas Intermediate (WTI) increased by 2.22% to $99.30 per barrel.
The drone attack resulted in the death of two individuals and raised renewed concerns about the security of energy infrastructure in the Middle East, aiding in the recovery of oil prices from prior losses. In response to the heightened tensions, the US ordered some personnel and family members to evacuate its diplomatic missions in Saudi Arabia.
In addition to this development, large-scale Ukrainian drone attacks on Russian oil infrastructure this week have further complicated the supply outlook. These attacks coincide with Moscow's efforts to boost diesel exports under an agreement between US President Donald Trump and Russian President Vladimir Putin.
Despite these concerns, the potential increase in crude shipments from the Middle East might restrict further oil price gains, as export flows are approaching prewar levels. In August, Saudi Arabia's crude exports increased by 7.9%, reaching their highest level since March. Concurrently, Russia was set to deliver its first diesel shipment to the US on Thursday.