Saudi Aramco’s Ras Tanura refinery was shut on Monday morning following what appeared to be a drone strike, Reuters reported, citing sources. The closure was described as a precautionary measure, with authorities confirming that the situation remains under control.

A minor, isolated fire briefly erupted at the site but was swiftly contained, according to a Semafor reporter’s post on X. No casualties or significant damage were reported at the refinery, one of the world’s largest.

The shutdown coincided with a 3.37 per cent surge in Saudi Arabian Oil Co.’s share price on March 1, outperforming regional markets as escalating tensions in the Middle East weighed on Gulf equities. Tadawul data showed the stock climbed to SR25.80 ($6.88) from SR24.96, with nearly 21 million shares traded and turnover exceeding SR535 million.

The gains came even as most Gulf markets fell after Israel and the US struck Iran, prompting retaliatory attacks and fears of wider regional conflict.