Houthis claimed a missile strike on Saudi Arabia's largest oil refinery
Oil prices rose more than 1% Wednesday after Yemen’s Iran-aligned Houthis claimed they had hit Saudi Arabia’s Ras Tanura refinery with a missile, renewing concerns about supply risks. The refinery, Saudi Arabia’s largest, has capacity of 550,000 barrels per day. Saudi authorities had not confirmed the strike, while ING strategists said markets were pricing in greater re-escalation risk.
More context
Oil prices rose on Wednesday after Yemen’s Iran-aligned Houthis claimed a missile strike on Saudi Arabia’s largest oil refinery, renewing concerns about supply risks from the major exporter. The Houthis said Tuesday they had targeted the Ras Tanura refinery, which has a capacity of 550,000 barrels per day. Houthi military spokesman Yahya Saree said the missile hit the site and caused large fires; Saudi authorities had not immediately confirmed the reported strike.
At 0858 GMT, Brent crude futures were up $1.36, or 1.2%, at $115.24 a barrel, while U.S. West Texas Intermediate gained $1.62, or 1.6%, to $101.52, Reuters reported. Prices had fallen nearly $2 on Tuesday after developments in Middle East talks eased supply concerns, Arise News reported. ING commodity strategists said markets were pricing in a greater likelihood of renewed escalation.
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Reporting
- Arise News — Oil Prices Rise After Houthis Claim Attack On Saudi Refinery – Arise News
- Anadolu Agency — Oil prices rise as Houthi attack claims renew Saudi supply concerns
- Reuters — Oil up over 1% as Saudi Arabian refinery attack reignites supply risk concerns | Reuters
- The Hindu — Oil rises over 1% after Saudi Arabian refinery attack reignites supply risk - The Hindu
- NV News — Oil prices rise over 1% after Saudi refinery attack / The New Voice of Ukraine
- agbi.com — Oil rises after Houthis claim strike on biggest Saudi refinery | AGBI
- fxstreet.com — WTI rises above $100.50 after strike on Saudi refinery
Verifier’s note
Arise News, AGBI, Anadolu Agency, Reuters, The Hindu, FXStreet, and The New Voice of Ukraine report the Houthi claim of a strike on a Saudi refinery and the resulting oil-supply concerns. The reports are current, and none contradicts the central claim.