Brent Crude Surges Amid Houthi Attacks on Saudi Targets
A surge in crude oil futures occurred on Thursday after Houthi attacks on Saudi targets raised concerns of escalating tensions in the Middle East.
The Saudi-led coalition in Yemen reported that six ballistic missiles fired by Iran-backed Houthis were intercepted, while a Houthi spokesperson stated that dozens of missiles and drones were launched against Saudi military targets in Jazan.
Saudi Arabia is building up crude pumping volumes through its key pipeline to the Red Sea export hub of Yanbu, although crude tanker loadings have yet to resume.
The supply of diesel and other refined products remains tight, with analysts saying that a potential full or partial U.S. diesel export ban would provide limited short-term relief but could eventually hurt the market.