Oil prices rose after an attack on a refinery in Saudi Arabia, the world’s biggest crude exporter, renewed concerns around the risks to supply in the Middle East stemming from the conflict with Iran and its proxies.
Brent crude futures rose $1.48, or 1.3 per cent, to $115.36 a barrel as of 0140 GMT. US West Texas Intermediate crude rose $1.22 or 1.22pc to $101.12.
Prices were swinging back after dropping nearly $2 on Tuesday as talks in the Middle East helped ease supply worries.
That was despite data expected to show a rise in crude inventories in the US. Crude oil stockpiles rose by about 15,000 barrels in the week ended October 23, according to a poll of eight analysts by Reuters.
