The situation at the Saudi Aramco facility in Ras Tanura remains tense after a second strike was reported on March 4, 2026. Reuters confirmed that the export hub faced another attempt by an unknown projectile or drone. The Saudi Ministry of Defence successfully intercepted the attack, preventing significant new damage. However, the facility remains under a precautionary shutdown following the initial incident on Monday to ensure complete safety.
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Impact on Oil Prices and Global Market
The attacks on the largest refinery in the Middle East have caused immediate reactions in the global market. The shutdown of the 550,000 barrels per day (bpd) facility has made traders nervous about supply stability.
- Price Surge: Brent crude futures jumped roughly 10–13%, reaching a peak near $82.17 per barrel before stabilizing.
- Future Risks: Experts predict prices could climb to $90–$100 if the shutdown lasts more than a week.
- Insurance Costs: War risk insurance premiums for tankers in the Persian Gulf have increased to 1.0%–1.5%.
New Rules for Exports and Local Supply
Saudi Aramco and the Ministry of Energy have activated emergency protocols to keep operations running smoothly. They are ensuring that the disruption at Ras Tanura does not affect local people or major international buyers significantly.
Officials have started rerouting crude exports to the Red Sea port of Yanbu using the East-West Pipeline. This move helps bypass the volatile Strait of Hormuz. The Ministry of Energy also confirmed that domestic petroleum supplies are fully protected and will not face any shortage. The Ministry of Defence stated that the fires from falling shrapnel were limited and contained immediately without any injuries.
