Oil rises over 1% after Saudi Arabian refinery attack reignites supply risk

Oil prices have risen over 1% following a reported attack on Saudi Arabia's largest oil refinery by Yemen's Houthi rebels. This increase in oil prices is a result of concerns over supply risks, as the attack has highlighted the vulnerability of key oil-producing facilities. The impact of this event on global markets is significant, as any disruption to Saudi Arabia's oil production can have far-reaching consequences for the global economy.

Why it matters

A missile attack on Saudi Arabia's biggest oil refinery has reignited supply risk, which could lead to higher oil prices. This may benefit oil producers and exporters, but hurt importers and consumers.

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