In brief

• Oil prices rose on Wednesday by more than 1 percent after an attack on a Saudi refinery.
• The strike was carried out by the Yemeni Houthis, allied with Iran .
• A barrel of WTI cost about $101.5, and Brent about $111 per barrel .
• Concerns about supplies of the commodity from the region grew in connection with the incident.

Price rise after the attack

Oil prices rose on Wednesday by more than 1 percent. Saudi authorities did not immediately confirm the strike on the facility (Atak na największą saudyjską rafinerię. Ceny szybują – TVN24).

Market prices

At around 9:45 a.m., a barrel of West Texas Intermediate cost about $101.5, which is more than one percent higher. Brent crude on the ICE exchange was priced at about $111 per barrel, also more than one percent higher (Útok na ropnú rafinériu v Saudskej Arábii zdvihol ceny ropy. Obavy z narušenia dodávok rastú – Aktuality.sk).

Supply concerns

The attack on a key global oil producer once again highlighted the vulnerability of commodity supplies from the Middle East.

What it means for small businesses

Higher oil prices affect the costs of fuel, transport and energy, which directly concerns service, transport and manufacturing companies. Entrepreneurs should monitor quotations and prices from their suppliers, especially if their contracts are concluded for a longer period.