Oil Prices Climb Following Saudi Aramco Facility Attack

West Texas Intermediate for November delivery climbed $1.25 to reach $95.40 per barrel by midday Wednesday, while December contracts gained $1 to hit $94.20. International benchmark ICE Brent followed the upward trend, with December futures rising 50 cents to $106.20 and January positions gaining 75 cents to reach $103.65. This sustained rally marks four straight days of gains for both major benchmarks.

The market reaction reflects deep-seated anxieties over supply chain fragility. The IEA’s latest report indicates that despite a recent uptick in crude shipments, Middle Eastern fuel exports remain insufficient to stabilize the market. The agency projects that the global diesel crunch will not ease until at least 2027, keeping upward pressure on prices. While crude futures surged, refined products showed mixed results; November NYMEX ULSD dipped 4.05 cents to $4.894 per gallon, whereas RBOB gasoline futures saw a modest increase of 1.2 cents to $3.262 per gallon.