Oil Rises as Houthi Missile Strike on Saudi Refinery Revives Middle East Supply Fears

Oil prices climbed on Wednesday after an attack on a refinery in Saudi Arabia, the world's largest crude exporter, renewed concerns over Middle East supply risks tied to the conflict with Iran and its proxies. Brent crude futures rose $1.48, or 1.3%, to $115.36 a barrel as of 0140 GMT. US West Texas Intermediate crude gained $1.22, or 1.22%, to $101.12. Yemen's Iran-aligned Houthis said Tuesday they struck Saudi Arabia's largest oil refinery with a missile. Saudi authorities did not immediately confirm the strike on the 550,000 barrel-per-day facility. Prices rebounded after falling nearly $2 on Tuesday as Middle East talks eased supply worries, despite expectations of higher US inventories. OPEC+ is expected to keep December output targets steady on Sunday, sources said.