Oil Prices Rise Following Houthi Attack on Saudi Refinery

Crude oil prices surged after Yemen’s Houthi group, backed by Iran, claimed responsibility for a missile strike on Saudi Arabia’s largest oil refinery. The attack has raised concerns about the stability of global crude supply.

Brent crude futures climbed by $1.59 to $115.47 per barrel, while US WTI crude increased by $1.43 to $101.33 per barrel. This follows a prior decline of $2 as traders evaluated the potential impact of Middle East tensions on energy markets.

The Houthi group stated they targeted Saudi Arabia’s largest refinery, which has a daily processing capacity of 550,000 barrels. The Ras Tanura Refinery remains a key target due to its significant refining capacity and strategic export terminal location.