Oil rises after attack on Saudi refinery, dollar holds gains

Oil prices rose more than 1% on Wednesday after the Houthis announced a ballistic missile attack on Saudi Arabia's Ras Tanura refinery, reigniting concerns about supply security in the Middle East. Brent crude climbed 1.4% to $115.47, and West Texas Intermediate rose 1.4% to $101.33, following a decline in the previous session.

Oil prices rose more than 1% on Wednesday, after Yemen's Houthi group announced a ballistic missile attack on the Ras Tanura refinery in Saudi Arabia, reigniting concerns about the security of oil supplies in the Middle East. Brent crude futures rose $1.59 (1.4%) to $115.47 per barrel, while U.S. West Texas Intermediate crude rose $1.43 (1.4%) to $101.33 per barrel. The increase followed a drop of about $2 in Tuesday's session, amid signs that talks in the Middle East had helped ease supply concerns. Commodity experts at ING Group said the market still sees a possibility of renewed escalation, noting that oil prices will remain high as investors await the next steps U.S. President Donald Trump might take toward Iran. They added that passing the election period without new strikes on Iran could help reduce the risk premium supporting prices. In the United States, data from the American Petroleum Institute, cited by market sources, showed a decline in crude oil inventories of 2.03 million barrels.