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Saudi Arabia’s Ras Tanura oil refinery hit by missile, Yemen’s Houthis say
The Ras Tanura oil refinery in eastern Saudi Arabia, the kingdom’s largest, was the target of a ballistic missile launch announced on Tuesday by Yemen’s Iran-aligned Houthis, Reuters reported.
In a statement, Houthi military spokesperson Yahya Saree said the group had launched a ballistic missile at the facility in Saudi Arabia’s Eastern Province. According to Saree, the missile struck its target, triggering large fires at the site.
Attacks on Saudi military aircraft were also reported by the Houthis. The group said it had stopped Saudi-backed forces from advancing near the Bab el-Mandeb Strait, a key shipping route in the Red Sea.
Earlier on Tuesday, Saudi Civil Defense separately issued early warning alerts about a possible threat in Najran, Abha, and Khamis Mushait. Although authorities subsequently said the threat was over, they gave no details of what had triggered the warnings.
WTI trades lower
A daily decline of 1.25% leaves West Texas Intermediate (WTI) trading at $99.35 at the time of writing.
WTI Oil explained
Traded on international markets, WTI is a grade of crude oil whose initials stand for West Texas Intermediate. Alongside Brent and Dubai Crude, it is one of three major types. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. This high-quality oil is regarded as easy to refine. Produced in the United States, it is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, with its price regularly cited in the media.
Supply and demand underpin WTI oil prices, as they do those of other assets. Stronger global growth can therefore lift demand, while weak global growth can have the reverse effect. Supply disruptions arising from political instability, wars and sanctions can also affect prices. Another important influence is the decision-making of OPEC, a group of major oil-producing countries. As oil is traded predominantly in US Dollars, the value of the US Dollar also shapes WTI crude oil prices: a weaker US Dollar can make oil more affordable, while a stronger currency can do the opposite.
Weekly oil stock reports from the American Petroleum Institute (API) and the Energy Information Agency (EIA) influence WTI oil prices by showing changes in inventories that reflect shifts in supply and demand. Falling stocks can signal stronger demand and push prices higher; rising stocks can point to greater supply and put downward pressure 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 one another 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 of OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently influence WTI oil prices. Lower quotas can constrain supply and lift oil prices, whereas an increase in OPEC production has the reverse effect. The broader OPEC+ grouping brings together OPEC and ten additional non-OPEC members, most notably Russia.
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