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Oil prices climbed Tuesday after a fire broke out near Saudi Arabia's Ras Tanura oil export terminal following an attack in the region, though the blaze was contained hours later.
International benchmark Brent crude rose 0.6% to $116.50 per barrel, while U.S. benchmark West Texas Intermediate (WTI) edged up 0.7% to $102.50 per barrel as of 8:25 a.m. GMT.
Bloomberg reported that the fire broke out early Tuesday, with the extent of the damage still unclear.
The report came as Saudi Arabia faced a fresh wave of missile and drone attacks by Yemen's Iran-aligned Houthi group.
The Saudi-led coalition in Yemen said Tuesday it intercepted and destroyed three ballistic missiles launched toward the kingdom's Eastern Province and four drones aimed at its southern region, while Saudi Civil Defense said the threat had passed in both the Eastern Region and Kharj governorate.
The coalition's statement did not establish a direct link between those interceptions and the fire reported near Ras Tanura.
Ras Tanura is one of the world's largest oil export terminals and a key part of Saudi Arabia's energy infrastructure.
Located on the kingdom's eastern coast along the Persian Gulf, the terminal exported more than 5 million barrels of crude oil per day before the regional conflict.
The site is also home to Saudi Arabia's largest domestic refinery, with a processing capacity of about 550,000 barrels per day, making disruptions to its operations potentially significant for global oil markets.
Saudi Arabia's oil infrastructure has taken on added importance as shipping through the Strait of Hormuz faces severe disruptions.
To bypass the strait, Saudi Arabia has been rerouting around 4 million barrels of oil per day through its 1,200-kilometer East-West pipeline to the Red Sea port of Yanbu, which has also come under attack several times.
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