Houthi Attack on Saudi Arabia's Largest Refinery Pushes Brent Above $115

Iran-backed Houthis announced Tuesday a missile attack on Saudi Arabia's largest oil refinery, sending Brent crude futures up 1.3 percent to $115.36 per barrel, while West Texas crude jumped 1.22 percent to $101.12.

The targeted facility has a refining capacity of 550,000 barrels per day. Saudi officials have issued no confirmation of the attack as of this report — a point that warrants explicit note.

Prices had fallen roughly two dollars Tuesday following diplomatic signals suggesting a possible end to the war and diminished supply risks, before news from Riyadh reversed that trend.

Three sources familiar with the matter said OPEC+ will hold its December production targets unchanged at Sunday's meeting. Saudi Arabia, Iraq, Russia, Kuwait, Algeria, Kazakhstan, and Oman are all producing below their target levels. Russian crude exports from Baltic Sea and Black Sea ports are also expected to decline next month, as Russian refineries shift toward boosting diesel production following an agreement reached with Washington this month.