For almost three days, there was little sign of a new war raging in the Gulf if you were based in Saudi Arabia. Most schools were business as usual on Monday morning, Saudis and foreigners reported heading to the office and carrying on with meetings, and flights continue to shuffle people into, out of and across the country.
That all stands to change – and quickly – after people familiar told Bloomberg News that an area housing Saudi Arabia’s largest oil refinery was hit by a drone strike. Saudi Aramco has halted operations at its Ras Tanura refinery on the Persian Gulf after an attack nearby, the people familiar said, asking not to be identified discussing sensitive matters.
The Saudi government did not respond to an official request for comment, while Aramco did not have an immediate comment to offer on the status of the refinery that can process more than half a million barrels a day.
The attack has the potential to shift the calculus for Saudi Arabia as it would be the first major reported disruption to local infrastructure since Iran began attacking Gulf states on Saturday in response to the Israel-US bombardment.
A direct threat to prized oil assets may be somewhat of a red line for Saudi Crown Prince Mohammed bin Salman, who has in recent years tried to remain neutral in regional conflicts – in part to avoid any possibility of a setback to his multi-trillion dollar agenda to diversify the economy away from oil.
The kingdom’s frustration with Iran appears to have been growing. Saudi Arabia began stepping up its rhetoric against Tehran on Sunday, warning of consequences to the country’s actions, calling on the international community for a firm response to Tehran and summoning the Iranian envoy to the kingdom.
The Saudis confirmed on Saturday that it had intercepted Iranian missiles targeting assets in Riyadh and the eastern province, where Ras Tanura is located. The AFP was among those that reported on Sunday that Iran had also targeted Riyadh’s international airport. There has been no official confirmation of those attempted strikes.
Saudi Arabian equities reversed gains after the news of the strike on Monday, while shares of Saudi Aramco continued to trade higher as crude prices climbed.
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