Crude prices rose more than 5% following reports of attacks on the world's largest crude processing and stabilization facility at Abqaiq. Satellite data showed emergency flaring of 60+ MW at the Abqaiq refinery and East-West pipeline pumping station starting at 06:00 UTC on Oct. 8 and ending by 14:37 UTC. If the Abqaiq hit is confirmed, it could mirror a 2019 attack that cut 5M BPD, or 5% of global oil supply, shifting the market baseline toward $100 a barrel.
Tuesday, October 20, 2026
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US Gulf Hurricane Cuts 1.28M BPD After Houthi Strike in Saudi Arabia
Commodities12 days ago
Market analysts are debating where Yemen's Houthi rebels struck Saudi Arabian energy sites, with some reporting that the Abqaiq facility remained intact and the targets were likely at Khurais instead. This disruption coincides with a hurricane in the US Gulf that shut 63% of output, removing 1.28M BPD from the market. The compound supply shock has raised risks of a diesel and jet fuel crisis on a global scale.
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