Saudi Energy Operations Halted After Fresh Houthi Attacks
Saudi Arabia's energy operations have been halted at several facilities in the south after recent Houthi attacks sparked fires, raising concerns over oil supplies as Brent crude approaches $100/bbl.
The Yemen-based Houthis claimed to have targeted Saudi Aramco facilities in Abha, Najran, and Jazan with ballistic missiles and drones. Saudi Arabia's energy ministry confirmed fires at several locations but did not identify the specific facilities.
The Jazan refinery, which has been repeatedly attacked since July, is of particular concern for oil markets. With a capacity to produce 400,000 barrels per day, it primarily serves domestic consumption in Saudi Arabia.
Recent attacks targeting four cities near the Yemeni border have injured 73 people. Goldman Sachs analysts, including Daan Struyven, raised their oil-price forecasts modestly, citing expectations that shipping disruptions will persist into 2027 and that risks to their outlook remain 'significantly tilted to the upside.'