Oil prices rise over 2% after attack on Saudi oil field fuels supply concerns

Brent climbs to $111.4 per barrel, while WTI approaches $100 as Middle East tensions intensify

Oil prices rose more than 2% on Thursday after a drone attack on Saudi Aramco's Shaybah oil field heightened concerns over further disruptions to energy supplies. International benchmark Brent crude traded at $111.40 per barrel, up 2.4% as of 0600GMT, while US benchmark West Texas Intermediate (WTI) rose 2.22% to $99.30 per barrel. The attack, which killed two people, renewed concerns about the security of energy infrastructure in the Middle East, helping oil prices recover from earlier losses. The US also ordered some personnel and family members to leave its diplomatic missions in Saudi Arabia, adding to concerns over regional tensions. Meanwhile, large-scale Ukrainian drone attacks targeting Russian oil infrastructure this week further clouded the supply outlook. The attacks came as Moscow sought to expand diesel exports under an agreement between US President Donald Trump and Russian President Vladimir Putin. However, increasing crude shipments from the Middle East could limit further price gains, with export flows approaching prewar levels. Saudi Arabia's crude exports rose 7.9% in August to their highest level since March, while Russia was expected to deliver its first diesel shipment to the US on Thursday.