Saudi Oil Refinery
This satellite image provided by Planet Labs PBC shows a Saudi Aramco oil refinery north of Abha, Saudi Arabia, shortly before a plume of smoke began rising from the facility Tuesday, Sept. 8, 2026.
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The price of oil has surpassed $100 a barrel for the first time in almost six weeks after attacks on oil facilities and ships in the Middle East threatened to debilitate an already weakened supply chain. The most heavily traded contract for a barrel of Brent crude, the international standard, climbed on Tuesday and early Wednesday, briefly topping $100. Markets reacted after the U.S. military reported striking five Iranian tankers in response to attempted missile attacks on a Navy warship and after attacks by an Iranian-backed Houthi rebel group ignited fires at oil facilities in Saudi Arabia.
