Global oil prices rose on Wednesday as investors assessed the risk of an escalating Middle East conflict following a reported Houthi attack on Saudi Arabia’s Ras Tanura refinery, one of the kingdom’s major oil-processing facilities.
Brent crude futures, the international benchmark, gained $1.50, or 1.32%, to reach $115.59 per barrel. US West Texas Intermediate (WTI) crude futures rose $1.47, or 1.47%, to $101.37 per barrel.
The reported attack heightened concerns about further escalation and possible disruption to regional oil supplies, adding to the geopolitical risk premium already reflected in crude prices.
Houthi Attack Raises Oil Supply Concerns
The Houthis said on Tuesday that they had targeted Saudi Arabia’s Ras Tanura refinery with a ballistic missile.
The reported strike raised concerns among market participants about the security of critical energy infrastructure in the region. Traders remained alert to the possibility that further attacks could disrupt oil production, refining or transportation.
Pakistan Considers Raising Electricity Relief Threshold to 250 Units
With the Middle East playing a central role in global energy supplies, any prolonged conflict that threatens oil facilities or shipping routes could put additional upward pressure on prices.
Trump Says Iran War Will End on His Terms
US President Donald Trump said the war involving Iran would end on his terms, reiterating that Tehran must not be allowed to acquire nuclear weapons.
Speaking at a campaign rally in Texas on Tuesday, Trump said the conflict could end swiftly but insisted that any agreement must prevent Iran from obtaining a nuclear weapon.
His comments followed earlier remarks indicating that he was weighing a potential agreement with Tehran against the option of further military action.
The uncertainty over Washington’s next steps has kept investors cautious, as renewed strikes or a breakdown in diplomatic efforts could intensify the conflict and further threaten energy supplies.
Israel’s Political Uncertainty Adds to Market Jitters
Political uncertainty in Israel added another layer of concern for investors monitoring the regional crisis.
Preliminary exit polls indicated that neither Prime Minister Benjamin Netanyahu nor his main challenger, Gadi Eisenkot, had secured a clear path to a governing majority. The rival political blocs appeared to fall short of the 61 seats needed to control Israel’s 120-member parliament.
The results pointed to the possibility of prolonged coalition negotiations, leaving uncertainty over the country’s political direction and its future approach towards Iran.
Oil Markets Watch for Further Escalation
Oil traders are closely monitoring military developments, diplomatic signals and potential disruptions to energy infrastructure across the Middle East.
The latest price gains reflect concerns that a prolonged conflict could restrict oil flows and tighten global supplies. Further price movements will depend on the course of the conflict, the security of regional energy facilities and whether the parties move towards a settlement or renewed military action.
