WASHINGTON (dpa-AFX) - Crude oil futures rose by up to 8 per cent as a major Saudi Aramco refinery closed operations after it came under attack by Iranian drones, and ships were attacked near the Strait of Hormuz.
Brent crude increased by more than 8 per cent at $78.72 per barrel, while US-traded oil rose by around 7.6 per cent to $72.20 per barrel.
The Ras Tanura Refinery, one of Saudi Arabia's key refining hubs, was closed temporarily as a precautionary measure after it was hit by a drone.
Oil prices continue to rise sharply since the United States and Israel launched military attacks on Iran Saturday, and Iran retaliated with strikes targeting Israel and U.S. military installations in the Gulf region and its Middle East allies.
Crude price is likely to increase further over concerns of increasing disruptions in the global energy supply chain due to the escalating hostilities according to reports.
At least three ships were attacked near the Strait of Hormuz, triggering tanker rates and insurance costs to surge, reports say.
The Joint Maritime Information Center says there is no formal legal closure of the Strait of Hormuz, but vessel traffic plunged through the vital trade route due to the threat of more Iranian attacks on ships transiting the region.
Iranian navy has reportedly issued radio hailings declaring the Strait is closed.
20 percent of the world's liquefied natural gas and 25 percent of seaborne oil pass through the Strait of Hormuz, the narrow waterway leading to the Persian Gulf.
Oil could top $100 if transit through the Strait of Hormuz doesn't return to normalcy quickly, reports quoting energy expert say.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
