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Yemen's Houthis say they launch attacks on Saudi Ras Tanura refinery, aviation and military targets
Six missile and drone attacks were launched against oil facilities, airports and a military position across Saudi Arabia, Yemen's Iran-aligned Houthis said on Thursday, according to Xinhua News Agency.
The Ras Tanura refinery and Saudi Aramco facilities in Abqaiq, both in Saudi Arabia's Eastern Province, were among the targets of three ballistic missile attacks, Houthi military spokesman Yahya Sarea said. The attacks also targeted the Rabigh refinery on the country's Red Sea coast.
According to the source, two further operations involved missiles targeting King Khalid International Airport in Riyadh, the Saudi capital, and a drone targeting King Fahd International Airport in Dammam, in the Eastern Province.
Recent Saudi strikes on Houthi-held areas in Yemen prompted the attacks, the Houthi military spokesman said.
WTI trades higher
West Texas Intermediate (WTI) stands at $101.80 at the time of writing, a gain of 0.54% on the day.
WTI Oil: Key Facts Explained
Traded internationally, WTI oil takes its name from West Texas Intermediate and ranks alongside Brent and Dubai Crude as one of three major crude oil types. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. Regarded as a high-quality oil, it is readily refined. WTI originates in the United States and is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. As an oil market benchmark, its price is regularly cited by the media.
Supply and demand underpin WTI oil prices, as they do for all assets. Stronger global growth can therefore lift demand, while weak global growth can have the reverse effect. Supply disruptions caused by political instability, wars and sanctions can affect prices. Another important influence is the production policy of OPEC, a group of major oil-producing countries. With oil traded predominantly in US Dollars, the currency's value also affects WTI crude prices: a weaker US Dollar can make oil more affordable, while a stronger one can do the reverse.
WTI oil prices respond to weekly oil inventory figures from the American Petroleum Institute (API) and the Energy Information Agency (EIA), as stock movements reflect shifts in supply and demand. A fall in inventories may signal stronger demand and push oil prices higher; rising stocks may indicate greater supply and weigh on prices. The API releases its report every Tuesday, followed by the EIA the next day. The two sets of figures tend to be similar, coming within 1% of each other 75% of the time. As the EIA is a government agency, its data is regarded as more reliable.
At meetings held twice a year, the 12 oil-producing nations that make up OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently affect WTI oil prices. Lower quotas can restrict supply and lift oil prices, whereas an increase in OPEC production has the opposite effect. The wider OPEC+ group brings in ten additional non-OPEC members, with Russia the most notable.
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