Houthi Rebels Launch Surprise Attack on Saudi Oil Facilities
The Iran-backed Houthi rebels launched a surprise attack on oil facilities across southern Saudi Arabia on Tuesday, injuring 73 people and pushing crude prices toward $100 a barrel.
The attacks ignited fires at several oil facilities and utilities in the kingdom's southern region, forcing operators to temporarily suspend work at the sites. The affected region includes a 400,000-barrel-per-day refinery in Jazan on the Red Sea coast, and the strikes wounded 73 people, including women and children.
Saudi-led coalition spokesman Turki al-Malki called the attacks a 'serious escalation' and vowed to take all necessary measures to deter the Houthi militia. The group has been waging an offensive toward the Bab al-Mandab Strait at its southern entrance, which is crucial for Saudi oil exports.
Brent crude surged 2.2% to $99.16 a barrel, and West Texas Intermediate rose 3.3% to $94.46 by 4:20 a.m. ET Tuesday, according to CNBC. The national average for a gallon of regular gasoline stood at $4.15 on Tuesday, up from $3.20 a year ago.