&imwidth=800&imheight=600&format=webp&quality=medium "Will oil prices skyrocket? Saudi Arabia shuts its largest refinery after Iran strike")
The global oil prices saw their most significant surge on Monday (Mar 02) in four years after it spiked nearly 10 per cent, hitting a high of Rs 6,700 (roughly $80-$82) per barrel as the US-Israeli strike on Iran entered a crucial phase, extending the conflict across the Gulf countries. The most substantial to the oil market comes after Saudi Arabia's state oil giant Aramco shut its Ras Tanura refinery after it was hit by an Iranian drone.
Saudi defence officials confirmed they intercepted the drones, but falling shrapnel caused a "limited fire" at the facility. While the fire was quickly extinguished with no reported casualties, Saudi Aramco elected to shut down the refinery as a precautionary measure.
The Ras Tanura complex, on the kingdom’s Gulf coast, houses one of the Middle East’s largest refineries with a capacity of 550,000 barrels per day (bpd) and serves as a critical export terminal for Saudi crude. It handles roughly 7% of the global oil supply flows.
The attack is also likely to move Saudi Arebaia and neighbouring Gulf states closer to joining the US and Israeli military operations against Iran.
Along with the shutdown of Saudi refinery, the global oil supply came under severe strain following Iran's Revolutionary Guards closing the Strait of Hormuz, which controls nearly 20 per cent of the world's oil supply and 30 per cent of oil shipments to India.
Also Read: WATCH | Saudi Aramco suspends Ras Tanura operations after drone strike amid Israel-Iran war
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The US-Israeli operation in Iran entered its third day on Monday after assassinating Supreme Leader Ayatollah Ali Khamenei in a precision strike on a high-security compound in Tehran. Several other top leaders were also killed after the US and Israel launched a massive coordinated aerial campaign on Saturday.
The strikes, codenamed Operation Roaring Lion by Israel and Operation Epic Fury by the United States, struck multiple sites across Iran. The strikes targeted government buildings in Tehran and suspected nuclear facilities, specifically aiming to decapitate the highest levels of Iranian leadership.
In retaliation, Iran's Revolutionary Guard launched strikes on Israel, US military bases, and its allies across West Asia, including Qatar, Iraq, UAE, Bahrain, Saudi Arabia, and Jordan.
Meanwhile, Trump threatened Iranian forces to put down their weapons and called on Iran's people to rise to "take back your country" as this is "the single greatest chance" after Khamenei's death.
(Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)
