Saudi Aramco Refinery Remains Operational Amid False Attack Reports

Saudi Arabia's Yanbu Refinery has been falsely reported to be under attack, according to Industrial Info Resources. The reports showed pictures of a refinery complex engulfed in flames on the western shores of Saudi Arabia, but these were later found to be from 2013.

The research team at Industrial Info confirmed that the YASREF refinery at Yanbu was operational, with sources verifying early reports as fake. However, they indicated that the refinery could potentially face operational issues in the coming days due to a crude supply shortage following pipeline damage.

The East-West crude oil pipeline, which traverses the Saudi peninsula to the Red Sea, has been targeted by drones fired by Iranian-backed militias in Iraq. The pipeline has a peak design capacity of around 7 million barrels per day of crude oil, or about 35% of what would normally flow through the Strait of Hormuz.

The conflict in the Middle East has created widespread economic pain, with crude oil prices relatively muted on Wednesday despite ongoing tensions. Brent crude oil, the global benchmark, was down about 1.5% to move near $107 per barrel.