Oil prices rise after attack on Saudi Arabian refinery reignites supply concerns

BREAKING: Oil prices rise after an attack on a Saudi Arabian refinery reignites global supply concerns.

Oil prices are climbing after an attack on a refinery in Saudi Arabia.

The strike has reignited concerns about global crude supply, and traders moved fast. Saudi Arabia remains one of the world's largest oil exporters, and its refining and processing sites are the backbone of that flow. When one of them is hit, every barrel on the water gets repriced. You can see what is at stake here, tankers like this one carry the crude that keeps the global economy running.

Details on the damage and on who carried out the attack are still limited. What markets remember is 2019, when strikes on Saudi facilities briefly knocked out a significant share of the kingdom's output and sent prices surging.

The hard fact tonight is simple. Saudi infrastructure has been hit again, and the oil market is pricing in the risk that it will not be the last time.

This is Liu Yang, reporting for HIT.