Saudi Aramco Halts Operations at Ras Tanura Refinery After Drone Attack

Saudi Aramco has temporarily suspended operations at its 550,000-barrel-per-day Ras Tanura refinery in Saudi Arabia following a drone attack on the site.

A Saudi government report mentioned that a limited fire broke out due to falling debris from the drone strikes. The fire has since been brought under control, but Aramco has yet to release an official statement on the matter.

The shutdown has sent shockwaves through the global energy market, causing a spike in oil prices. Oil Futures on the Intercontinental Exchange have risen over 20%, their biggest jump since March 2022. Brent crude oil prices in London surged around 10% to a range of $80 per barrel.

The heightened tensions come after the United States and Israel launched a military strike on Iran. Tehran has since retaliated with hundreds of ballistic missiles and drones targeting several countries in the region. The escalation has disrupted shipping traffic through the Strait of Hormuz, a critical artery for global oil supplies.

Ras Tanura is a major supplier of oil to European markets and produces a smaller volume of gasoline. The complex also includes the largest oil export terminal operated by Aramco, along with storage tanks and loading facilities.

In a separate development, QatarEnergy has announced the suspension of liquefied natural gas (LNG) production following a military strike on its facilities in Ras Laffan Industrial City and Mesaieed Industrial City. The company has pledged to continue updating stakeholders on the situation.

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