Recent Developments

On March 2, 2026, Aramco’s Ras Tanura refinery, which has a processing capacity of about 550,000 barrels of oil per day, was hit by a drone strike. Following the attack, operations at the refinery were temporarily halted to assess potential damage. The strike caused a fire that officials described as small, isolated, and quickly brought under control.

In the wake of the drone strike, Brent crude prices rose to $80 per barrel, reflecting the market’s reaction to the heightened risks in oil supply. This increase followed a previous surge in Brent crude prices, which topped $90 a barrel on March 3, 2026.