Major Saudi refinery, Iraqi Kurdish and Israeli oil, gas fields shut amid Mideast strikes [View all]
Source: Reuters
March 2, 2026 2:59 AM EST Updated 42 mins ago
March 2 (Reuters) - Saudi Arabia shut its biggest domestic oil refinery on Monday after a drone strike, a source said, as Israeli and U.S. strikes and Iranian retaliation forced shutdowns of oil and gas facilities across the Middle East.
A wave of attacks on the region stretched into a third day, resulting in the precautionary suspension of most oil production in Iraqi Kurdistan and several major Israeli gas fields, throttling exports to Egypt.
State oil giant Saudi Aramco's (2222.SE) 550,000 barrels per day (bpd) Ras Tanura refinery, which was shut as a precautionary measure, is part of an energy complex on the kingdom's Gulf coast which also serves as a critical export terminal for Saudi crude oil.
In Iraqi Kurdistan, which exported 200,000 barrels of oil per day (bpd) via pipeline to Turkey's Ceyhan port in February, companies including DNO (DNO.OL), Gulf Keystone Petroleum (GKP.L), Dana Gas (DANA.AD) and HKN Energy have stopped output at their fields as a precaution, with no damage reported. Concerns about supply disruptions sent Brent crude futures surging roughly 10% on Monday to over $82 a barrel.
Read more: https://www.reuters.com/business/energy/saudi-aramco-shuts-ras-tanura-refinery-after-drone-strike-source-says-2026-03-02/
This is old-fashioned "supply and demand". Reduced supply with the same or more demand = "higher prices".
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