Saudi Arabia tames oil supply fears despite attack in petroleum facility, Iran stays hopeful of a deal

“A refinery in Saudi Arabia's capital, Riyadh, was attacked by a drone on Thursday morning but petroleum supplies were not affected, Saudi state news agency SPA reported early on Friday,” said Reuters after oil trades feared supply crunch.

The news adds, “The attack caused a small fire that was controlled and did not result in any injuries or casualties, SPA said citing a statement by an energy ministry official.”

The Saudi Arabian Energy Ministry also mentioned, "The refinery's operations and supplies of petroleum and its derivatives were not affected," per Reuters.

Elsewhere, Foreign Minister, H.Amirabdollahian, sounds optimistic over the nuclear deal with the US as he tweeted,

“Had a productive conversation w @JosepBorrellF today.”

Additional tweets from the Iranian diplomat stated, “Efforts to reach a good & durable agreement continue; it is within reach if US acts realistically & consistently.”

“No single party can determine end result; a joint endeavor is needed. Reason should prevail,” adds the diplomat on Twitter.

Market implications

Following the news, WTI crude oil prices snap two-day downtrend, up 0.45% near $104.40 by the press time.

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