Brent Crude Jumps 1.3% to $115.36 After Houthi Attack on Saudi Arabia’s Largest Refinery
Yemen’s Houthi movement claimed responsibility on Tuesday for a missile strike targeting Saudi Arabia’s largest oil refinery; a facility processing approximately 550,000 barrels per day. Reuters
Saudi authorities had not immediately confirmed the strike, but global oil markets reacted sharply, with Brent crude rising 1.3% to $115.36 per barrel and WTI climbing 1.2% to $101.12 by early Wednesday trading.
The attack reignites supply-side anxiety that had briefly eased on diplomatic progress in the region. Oil had shed nearly $2 per barrel on Tuesday following news of constructive Middle East talks, only for prices to reverse overnight on the refinery strike.
The targeted facility is a critical export hub within Saudi Arabia’s petroleum infrastructure. A confirmed disruption would have significant downstream consequences for global crude and refined product markets. Adding to supply concerns, Russian crude exports from Baltic and Black Sea ports are also expected to fall in November as domestic refineries ramp up diesel production.
OPEC+ is expected to hold its December production targets steady at a meeting this Sunday, offering little buffer should supply from the region deteriorate further.
Read our previous article on Middle East War news and Oil Prices here.
