Oil at $100 per barrel? Attack on Saudi refineries could shake oil market further

The drone strike on key Saudi oil facilities could stoke already-flaring tensions in the Middle East, driving crude prices higher amid growing fears of supply shortages, market and industry experts believe.

The devastating attack on major Saudi oil refineries at Abqaiq and Khurais slashed the kingdom’s output by 50 percent and knocked out more than five percent of global daily production. The consequences of the strikes led to uncertainty in the oil market as it’s unclear when the oil giant can restore operations to normal.

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