Oil prices edged lower on Tuesday, falling about 1 percent as prospects for a resolution of the US-Israeli war on Iran kept supply fears at bay with talks in Tehran, despite renewed Houthi attacks on Saudi Arabia.
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Oil prices rose in early Wednesday trading after Yemeni Houthi militants claimed to have struck Saudi Arabia’s biggest refinery and Abha International Airport, raising concerns about potential supply disruption.
Saudi Aramco is investing in oil storage as it seeks to offer stronger operational resilience in the event of future energy shocks like those experienced this year.
Petrochemicals company Saudi Basic Industries Corp (Sabic) has returned to quarterly profit despite disruption caused by the Iran conflict, but has reduced its spending plans for the year.
Houthi missile and drone attacks targeted Saudi Arabia on Monday, but oil prices fell after US President Donald Trump ruled out imminent strikes on Iran. US military officials also reported continued oil shipments through the Strait of Hormuz.
