Saudi Arabia's Ras Tanura refinery shuts down after a drone strike, Bloomberg reports

The shutdown of the Ras Tanura refinery following a drone strike is a significant supply-side shock for the oil market, particularly given Ras Tanura's status as one of the world's largest oil export facilities. This incident could lead to heightened fears around supply disruptions, potentially driving up WTI prices and affecting inflation expectations if the situation escalates. Traders should monitor the geopolitical landscape closely for further developments and their implications for energy markets.