• Saudi Aramco (2222.SR)'s Ras Tanura refinery, processing over 550,000 barrels per day, resumed operations on March 13, 2026, following a shutdown from March 2 due to a drone attack that caused minor damage from intercepted debris.
  • The incident spiked global oil prices near $80 per barrel due to lost refined product supply, though local markets faced no disruptions, reflecting heightened geopolitical risks in the Gulf region.
  • The attack, allegedly by Iranian drones, followed US-Israeli strikes on Iran, with no injuries reported but raising concerns over infrastructure security amid a pattern of proxy strikes on Saudi energy assets.

Efforts to restore full capacity at Saudi Aramco's Ras Tanura oil refinery have concluded successfully, with operations restarting on March 13 after a shutdown triggered by a drone attack on March 2, according to people familiar with the matter. The facility, operated by the world's largest oil company by production capacity, processes over 550,000 barrels per day and serves as a key export terminal, making its swift recovery critical for global energy markets. The attack caused minor damage from intercepted debris, but no injuries occurred, according to internal reports reviewed by sources.

Global oil prices surged near $80 per barrel in response to the lost refined product supply, though local markets remained stable without disruptions. This price spike underscores the vulnerability of Gulf energy infrastructure amid rising geopolitical tensions, with the attack allegedly involving Iranian drones following recent US-Israeli strikes on Iran. A follow-up drone attempt on March 4 caused no damage, but nearby facilities like the Juaymah gas plant faced disruptions last week, signaling a broader regional targeting pattern that has analysts on edge.

"The restart is a relief, but it highlights ongoing risks to critical assets," said one industry insider, who spoke on condition of anonymity due to the sensitivity of the matter. Saudi policies have emphasized infrastructure security, though no new regulations have been announced yet in response to this incident. Attempts to reach Saudi Aramco for comment were unsuccessful, but sources indicate that full recovery is expected soon, with short-term risks including potential secondary attacks.

Historically, Ras Tanura has been targeted before, notably in the 2019 Abqaiq attacks blamed on Iran, which also temporarily disrupted output. This latest event fits a pattern of proxy drone strikes on Saudi energy assets, fueling public discourse on social media about fears of escalation. For global consumers, the incident led to short-term fuel price hikes, but with the refinery back online, prices are predicted to stabilize if tensions ease.

Long-term, this may accelerate Aramco's diversification efforts under Vision 2030, as the company reported robust 2025 revenues exceeding $400 billion amid stable oil prices before the attack. The focus now shifts to monitoring regional developments, with analysts weighing the implications for energy security and market volatility in the coming weeks.