Global oil prices rose on Wednesday after Saudi Arabia’s largest oil refinery was reportedly hit with a missile by Yemen’s Iran-aligned Houthis.

Brent crude futures for December delivery gained $1.55, or 1.36 per cent, to $115.43 a barrel, while US West Texas Intermediate crude rose 1.43 per cent to $101.32 a barrel.

Houthis said they targeted the oil refinery reviving concerns over crude supply risks in the Middle East despite recent diplomatic efforts that had eased market worries.

Saudi authorities did not confirm the strike on the 5.5 lakh barrel per day facility. The price surge reversed part of the previous session’s losses, when oil fell nearly $2 a barrel as talks in the Middle East helped calm concerns about potential supply disruptions despite expectations of a rise in US crude inventories.

A diplomatic meeting in Tehran saw representatives from Saudi Arabia, Turkey and Pakistan in talks with Iranian officials to defuse regional tensions, according to reports.

All four countries reportedly agreed to continue dialogue to strengthen cooperation on peace and security.

Meanwhile, OPEC+ producers are expected to leave December output targets unchanged at a meeting on Sunday, according to multiple reports. Output from most of the group’s seven core producers, including Saudi Arabia, Russia and Iraq, remains below their output targets.

Saudi Arabia is the world’s second-largest crude producer and biggest oil exporter.

The West Asian conflict has placed pressure on the Strait of Hormuz which is a vital maritime bottleneck that handled about 20 per cent of global energy shipments prior to hostilities in February.

Energy markets remained on edge after Iranian attacks on oil tankers near the strait pushed Brent past $117 a barrel last week, its highest since April. Brent briefly retested $117 on Monday before settling lower.

Prime Minister Narendra Modi on Tuesday said that the true success of science is achieved when innovations move beyond laboratories and create a tangible impact in people’s lives, asserting that India views science and technology as tools for serving humanity rather than instruments of power or conflict.

Addressing the Emerging Science, Technology and Innovation Conclave (ESTIC) 2026 in the national capital, the Prime Minister said that while the requirements of various technology-driven sectors differ, they all reflect a common message that India is rapidly building its technological strength and self-reliance.

“There has been a persistent challenge in how science and technology are viewed, often seen merely as tools of power or conflict. However, India firmly believes that science and technology are instruments for serving humanity,” PM Modi noted.

“The true success of science is realised when it moves from the lab to the land, directly improving the lives of ordinary citizens,” the Prime Minister stated.

Emphasising the societal role of innovation, PM Modi said science and technology should be judged not merely by their sophistication but by their ability to solve real-world problems and improve people’s lives.

The Prime Minister noted that science and technology have often been viewed globally through the lens of power and conflict, but India believes they should be harnessed for the welfare of humanity.

“The success of a technology is not determined solely by how advanced it is. Its true strength lies in how effectively it solves major problems and how many people’s lives it transforms,” PM Modi noted.

Highlighting India’s long scientific tradition, the Prime Minister said the country’s culture has been rooted in knowledge and discovery, citing contributions ranging from the discovery of zero and the development of the number system to advances in astronomy.

“India is moving forward by evaluating itself against this very benchmark. We all know that a country’s technology and its ability to create technology depend on its research. Research is the force that enables a country to find solutions to its problems and become self-reliant in critical technologies,” PM Modi mentioned.

Domestic equity benchmarks opened lower on Tuesday amid mixed cues from global markets, elevated crude oil prices and West Asia conflict.

Sensex started at 73,484.38, down 122.37 points or 0.17 per cent. Similarly, Nifty began the trading session at 22,708.80, down 44.40 points or 0.20 per cent.

In early deals, selling was seen in IT, cement and oil & gas counters, while buying was seen in pharma, healthcare and PSU banks.

Nifty IT declined more than 1 per cent, while Nifty Cement decreased by 0.98 per cent and Nifty Oil & Gas slipped 0.53 per cent.

From Nifty, Infosys, Asian Paints, Tata Consultancy Services (TCS), JSW Steel and HCL Tech were among top losers in early trade, declining up to 2.78 per cent.

On the other hand, Nifty PSU Bank gained 0.68 per cent, Nifty Pharma was up 0.44 per cent and Nifty Healthcare was trading 0.39 per cent higher.

Market experts said Brent crude remaining above $114 per barrel and the US 10-year bond yield hovering around 4.97 per cent continue to be near-term headwinds.

“FIIs will remain in a risk-off mode in this adverse macro setting. However, improving fundamentals of the corporate sector as reflected in Q2 earnings and robust domestic fund inflows will continue to support the market,” the analysts said.

The experts further said, “Both the recovery attempts and the easing on approach to 22690 are on anticipated lines. As long as dips are contained above 22630, we will remain interested in an upside play aiming for 23000 or even 23500 with volatility expectations once inside the 22800-900 region.”

Alternatively, inability to float above 22630 could expose 22250-22000, but a collapse is less expected, they added.

In addition, FIIs remained net sellers on Monday and offloaded equities worth Rs 1,462 crore. In contrast, DIIs extended their buying streak to 10 consecutive sessions with net purchases of Rs 2,609 crore.

Globally, US markets closed higher overnight with the S&P 500 up 0.7 per cent and the Nasdaq up 0.82 per cent, while Asian equities showed mixed performance in early trade.