Saudi Arabia tames oil supply fears despite attack at oil facility, Iran remains hopeful of deal

“A refinery in the Saudi capital, Riyadh, was attacked by a drone on Thursday morning but the oil supply was not affected, the Saudi press agency SPA reported early on Friday,” Reuters said after the Oil traders feared a supply shortage.

The news adds: “The attack caused a small fire which was brought under control and caused no injuries or casualties, the SPA said citing a statement from an Energy Ministry official.”

The Saudi energy ministry also mentioned that “the refinery’s operations and supplies of oil and its derivatives have not been affected”, according to Reuters.

Elsewhere, Foreign Secretary H. Amirabdollahian seemed optimistic about the nuclear deal with the United States as he tweeted,

“I had a productive conversation with @JosepBorrellF today.”

Additional tweets from the Iranian diplomat said: “Efforts to reach a good and lasting agreement continue; it is within reach if the United States acts realistically and consistently.

“Neither side can determine the end result; a joint effort is needed. Reason must prevail,” the diplomat added on Twitter.

Market implications

Following the news, WTI crude oil prices are in a two-day downtrend, up 0.45% near $104.40 at press time.

Read: WTI choppy and mixed below $110 as traders juggle geopolitics, OPEC+ exit policy speculation

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