Arab Finance: Oil prices climbed by more than $2 a barrel on Wednesday, October 28, after an attack on a refinery in Saudi Arabia, sparking concerns over potential supply disruptions amid ongoing Middle East conflicts.
Brent crude futures rose $2.02, or 1.8%, to $115.90 a barrel by 07:35 GMT, while US West Texas Intermediate (WTI) crude gained $2.01, or 2.0%, to $101.91 a barrel, as per Reuters.
The gains followed a decline of nearly $2 in the previous session. Market sentiment remains tilted toward the risk of renewed escalation in the region, ING commodity strategists said on Wednesday.
"Oil prices remain elevated as the market waits for greater clarity on President Trump's next move toward Iran," said ING strategists.
"If we get past the elections without renewed strikes on Iran, that might be enough for the market's risk premium to start eroding," they added.
