Oil Prices Plummet on Reports of Saudi Refinery Attack
Oil prices plummeted more than 2% on Thursday after reports that Yemen's Houthi group attacked a Saudi Aramco refinery in Jazan. The attack, which was carried out with drones, renewed concerns over supply disruptions in the already tight global market.
The US Energy Information Administration reported on Wednesday that US commercial crude oil inventories made their largest weekly gain since January 2023, rising by 17.4 million barrels to 424.4 million in the week ended August 7. This increase was attributed to a slump in exports.
OPEC lowered its world oil demand growth forecast for 2026 to 580,000 barrels per day, while the International Energy Agency (IEA) predicted a contraction of 1.6 million bpd in consumption this year, citing higher prices and restricted supply due to the US-Israeli war with Iran.