Major Saudi refinery, Iraqi Kurdish and Israeli oil, gas fields shut amid Mideast strikes

[BumRushDaShow]

Source: Reuters

March 2, 2026 2:59 AM EST Updated 42 mins ago


March 2 (Reuters) - 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 forced 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 precautionary suspension of most oil production in Iraqi Kurdistan and several major Israeli gas fields, throttling exports to Egypt.

State oil giant Saudi Aramco's (2222.SE) 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 (DNO.OL), Gulf Keystone Petroleum (GKP.L), Dana Gas (DANA.AD) and HKN Energy have stopped output at their fields as a precaution, with no damage reported. Concerns about supply disruptions sent Brent crude futures surging roughly 10% on Monday to over $82 a barrel.

Read more: https://www.reuters.com/business/energy/saudi-aramco-shuts-ras-tanura-refinery-after-drone-strike-source-says-2026-03-02/

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This is old-fashioned "supply and demand". Reduced supply with the same or more demand = "higher prices".

[BumRushDaShow]

2. Welcome to DU

They don't have to touch any of the holy sites in Saudi (Mecca and Medina) or in Israel (Jerusalem). They can do enough damage against U.S. bases and other assets, as well as against all the wealthy Arab "playground" enclaves, around the region.

[twodogsbarking]

3. Car needs gas so today is the day. Tomorrow?

[LilElf70]

4. TY Trump

That a boy - looking out for Americans again, eh? First, tariffs to everyone. Now increased gas prices. It's already increased 30 cent a gallon in the midwest.

Yeah, he's looking out for you and me..... AGAIN....... NOT!!!!!

For Hegseth to go on TV today and say he did this for Americans, was a blatant lie. I don't believe this guy for a second. There was no threat. NOTHING.

Here we go again - UNBELIEVABLE

[Bayard]

5. Maybe this is part of the plan

Increase the price of gas for consumers like crazy. Our prices here have been hovering around $2.60 a gallon for quite awhile now.

Not enough profit for trump's good buddies in the Middle East.