Saudi Arabia shut its biggest domestic oil refinery on Monday after a drone strike, a source said, as Israeli and U.S. strikes and Iranian retaliation triggered precautionary shutdowns of oil and gas facilities across the Middle East. A wave of attacks on the region stretched into a third day, resulting in the suspension of most oil production in Iraqi Kurdistan and several major Israeli gas fields, throttling exports to Egypt. Oil prices surged 13 percent to above $82 a barrel, the highest since January 2025, as the conflict ground shipping to a near halt in the Strait of Hormuz, through which a fifth of global oil supply flows. State oil giant Saudi Aramco’s 550,000 barrels per day (bpd) Ras Tanura refinery, which was shut as a precautionary measure, is part of an energy complex on the kingdom’s Gulf coast which also serves as a critical export terminal for Saudi crude oil. In Iraqi Kurdistan, which exported 200,000 barrels of oil per day (bpd) via pipeline to Turkey’s Ceyhan port in February, companies including DNO, Gulf Keystone Petroleum, Dana Gas and HKN Energy have stopped outpu
