2026-03-04 09:51:00
For some context: Saudi Aramco’s Ras Tanura refinery forced to shut down after reported drone attack
Even if Iran’s offensive threats appear to be diminishing, they are trying to make the most out of it by hitting back at where it hurts most. As a reminder, Aramco’s Ras Tanura refinery is the largest oil refinery in the Middle East. As such, this will just continue with the ongoing disruption to the oil market – not least with the de facto closure of the Strait of Hormuz.
The strike above is also confirmed by the Saudi defense ministry, saying that there was “an attempted attack” on Aramco’s Ras Tanura refinery. Adding that “the initial evaluation shows it was carried out by a drone”. The good news though is that “no damage” is being reported but this will just keep operations shut down for longer, even if as a precaution.
WTI crude oil remains up by 2.3% on the day to $76.50 currently. The volatile moves continue in the oil market but at the balance, they are siding with a more bullish push. WTI crude oil is up nearly 14% now on the week, threatening a break of the June 2025 highs. From earlier: Oil prices resume climb despite Trump’s assurance on Strait of Hormuz
