Yanbu Oil Facilities Attacked by Houthi Rebels in Surprise Strike

Houthi rebels have launched a surprise attack on oil facilities in Yanbu on the Red Sea, firing ballistic missiles and drones at the Al-Mu'ajiz terminal in southern Saudi Arabia.

The attack has set several giant oil storage tanks ablaze, prompting concerns about the potential impact on global crude supplies.

Aramco's spare capacity, storage drawdown capability, and rapid repair record have historically allowed the kingdom to quickly recover from such attacks.

However, the fact that multiple Aramco sites were targeted suggests a deliberate campaign rather than a one-off attack, which may sustain premiums in crude prices.