Saudi Arabia contained a fire near its biggest oil export terminal at Ras Tanura on the Persian Gulf following an attack, a person familiar said. The blaze occurred early Tuesday near facilities operated by state producer Saudi Aramco; damage extent is unclear.
The kingdom’s energy infrastructure has faced repeated attacks from Yemen’s Houthi militants in recent weeks, targeting Aramco’s headquarters, a major oil field, and western refineries. Ras Tanura, in the east, hosts crucial tanker-loading facilities, the kingdom’s largest refinery, and vast storage tanks. Saudi air defenses intercepted three ballistic missiles launched by the Houthis toward the eastern region.
Oil reversed losses, with Brent crude near $116 a barrel in London, up ~13% this month as traders weigh potential US-Iran conflict escalation. While major military operations have paused, Saudi Arabia endures attacks from Iran-backed groups in Yemen and Iraq.
After Iran blocked the Strait of Hormuz in February, Aramco shifted exports to the Red Sea coast. Recently, the company has increased Persian Gulf exports as tanker traffic through Hormuz nears prewar levels, partly due to growing Houthi threats to Red Sea shipping and ports.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing