Saudi Oil Strikes & Rising Prices: What to Know

Newsletter No. 182

Good afternoon,

As we approach the 25th anniversary of September 11, I want to begin by remembering the lives lost, the families who still carry that loss, and the first responders and everyday Americans who showed extraordinary courage that day and in the days that followed. Twenty-five years later, it is still a moment that asks us to remember, to be grateful, and to value the strength that comes from standing together.

Today also marks one year since the assassination of Charlie Kirk. As we remember his life, his faith, and the impact he had on so many people, I’m reminded of the words of Matthew 25:23: “Well done, good and faithful servant.” Our thoughts and prayers remain with his family and all those who continue to feel his loss.

This week’s energy stories are a reminder of how connected our world has become. Ukraine struck Russia’s key Black Sea oil port at Novorossiysk, U.S. Energy Development Corp. continued to add assets in the Permian, and natural gas is becoming a bigger part of the conversation around powering data centers and AI.

Each of these stories is different, but together they show how closely energy, infrastructure, and global events are tied to everyday life.

Keep reading this week’s The Upside  for a closer look at the stories shaping the energy market.

This Week's Headlines

Oil and Gas News

Saudi Attacks Push Oil Above $100
Fresh attacks on Saudi Arabian energy facilities are adding another layer of risk to an already tight global oil market. Several facilities in southern Saudi Arabia were hit Tuesday, causing fires, injuries and temporary shutdowns.

Saudi Aramco’s 400,000-barrel-per-day Jazan refinery has also been targeted multiple times as fighting with the Houthis intensifies. That refinery is especially important because Saudi Arabia has been moving more barrels toward the Red Sea as an alternative to shipping through the Strait of Hormuz.

The market is paying attention. Brent crude was approaching $110 a barrel Thursday, while WTI moved above $100.

This is bigger than one refinery or one attack. The world depends on the Middle East for a significant amount of its oil supply, and we are seeing risks build around multiple key shipping routes and production centers at the same time. When you have this much geopolitical uncertainty layered onto a tight energy market, it does not take a major supply disruption to move oil prices quickly.