Saudi refinery drone strike halts operations, risks Nigeria's fuel prices
Saudi Aramco suspended operations at its Ras Tanura refinery after intercepting drones, causing global fuel price spikes. The 550,000-barrel-per-day facility, a key exporter of diesel to Europe, remains offline pending damage assessment. While no casualties occurred, the shutdown removes significant supply from global markets, pushing Brent crude to $71.95/barrel—its highest in four months. Nigeria, heavily reliant on Saudi oil imports, faces potential fuel price hikes as global markets remain volatile. Ras Tanura's disruption follows similar Gulf attacks, highlighting regional energy infrastructure vulnerabilities. Aramco hasn't set a resumption timeline, but analysts warn full recovery could take weeks. Monitor Nigerian fuel prices closely as Saudi supply disruptions may trigger local shortages.