Houthi Attacks Target Saudi Arabia's Ras Tanura Refinery, Lifting Global Crude Prices

Global crude oil prices rose by approximately 1% following fresh drone and missile attacks launched by Iran-backed Houthi forces against Saudi Arabia's 550,000-barrel-per-day Ras Tanura refinery. The strike follows claims made days earlier by Houthi military spokesperson Yahya Saree targeting Ras Tanura, the Rabigh refinery, Aramco's Abqaiq processing facility, and the East-West pipeline, which had recovered flows to 5.8 million barrels per day. The latest incident highlights vulnerabilities in Gulf energy infrastructure despite deployed U.S. Patriot and THAAD air defense systems, escalating geopolitical risk premiums.