Oil prices climbed more than 1 percent on Wednesday after an attack on a refinery in Saudi Arabia renewed concerns around supply risks from the major exporter. Brent crude futures gained $1.59, or 1.4 percent, to $115.47 a barrel as of 07:35 a.m. Saudi time. US West Texas Intermediate crude rose $1.43, or 1.4 percent, to $101.33.
The move higher followed a decline of nearly $2 on Tuesday, with prices swinging upward on Wednesday. According to ING's commodity strategy team, the market is still pricing in a greater likelihood of re-escalation.