Oil Prices Spike Toward $100 Following Saudi Energy Facility Attacks

The Saudi Energy Ministry confirmed that multiple facilities in the kingdom’s south were struck Tuesday morning, though officials stopped short of quantifying the damage or identifying specific sites. The incident follows reports that Saudi Aramco’s Jazan refinery complex—a facility capable of processing 400,000 barrels per day—was hit on Monday. Aramco has yet to comment on the extent of the damage or potential production impacts.

Analysts at ANZ Research warn that the escalating Middle East conflict suggests a prolonged standoff with constrained Persian Gulf supplies through the end of 2026. These disruptions arrive as the seven-month U.S.-Iran war continues to block the Strait of Hormuz, effectively removing Iranian crude from the global market. With Iranian oil exports stalled since mid-July and floating stockpiles plummeting from 90 million to 29 million barrels, major importers like China are scrambling to secure alternative volumes from Saudi Arabia and Iraq, placing even greater pressure on the stability of Gulf energy exports.