Brent hits $115.43 as Saudi refinery attack pushes oil prices higher
Brent crude futures rose $1.55, or 1.4%, to $115.43 per barrel at 1:46 p.m. EDT on Wednesday following renewed Middle East supply concerns sparked by fighting in Yemen and a reported attack on a Saudi refinery. Global energy traders and market analysts responded to the escalating regional conflict and a surprise drop in US crude stockpiles that pushed benchmark figures higher.
US Crude Storage Drops as OPEC+ Prepares for Sunday Meeting
West Texas Intermediate crude increased $2.92, or 2.9%, to $102.82 per barrel as markets weighed potential production disruptions and the approaching industry gatherings. The US Energy Information Administration reported that energy firms pulled 1.9 million barrels of crude from storage during the week ended October 23, outpacing analyst forecasts of a modest build.
Ahead of an industry meeting on Sunday where OPEC+ producers are widely expected to maintain December output targets, Qatari mediators continue diplomatic efforts with Iran to address the eight-month-long conflict affecting regional shipping and energy infrastructure.
