Yemen’s Houthis said they targeted the Saudi Aramco refinery at Ras Tanura, triggering a blaze that Saudi officials brought under control early Tuesday. The strike occurred at the kingdom’s biggest oil export hub on the Persian Gulf, a critical complex containing storage facilities, tanker-loading infrastructure, and the country’s largest refinery. While the Houthi group asserted it launched the attack on the facility, the full extent of the damage to the hub’s infrastructure was not immediately disclosed.
The incident occurred as Brent crude oil futures traded near $116 a barrel, reflecting a high political risk premium as traders weigh the possibility of a more intensive phase of the war in Iran. Brent hit a 4-year high of $117 earlier this week and ended the period ending Oct 25 with a 6% gain, while U.S. West Texas Intermediate crude climbed above $103. The market volatility follows a series of Houthi ballistic missile interceptions and continued tension over regional energy supplies.