Saudi Arabia Vows Retaliation on Iran-Backed Houthis After Attack on Oil Facilities
Houthi rebels backed by Iran conducted attacks on oil facilities in southern Saudi Arabia, resulting in injuries too 73 people and causing oil prices to approach $100 per barrel. The attacks ignited fires at multiple sites, including a refinery in Jazan, and led to temporary work suspensions. Saudi Arabia and its coalition responded with strong warnings, considering the strikes a serious escalation. Oil prices rose significantly, with Brent crude increasing by 2.2% to nearly $99.16, and gasoline prices edging higher. During the conflict, Iran has blockaded the Strait of Hormuz, intensifying the importance of the Red Sea for saudi oil exports. The Houthis launched missile and drone attacks on strategic Saudi targets in retaliation for earlier Saudi strikes in Yemen, including damage to Aramco facilities.Despite disruptions, Aramco’s CEO indicated operations would soon be restored. The situation reflects escalating tensions in the region, impacting global oil markets.
Iran-backed Houthi rebels struck oil facilities across southern Saudi Arabia on Tuesday, wounding 73 people and pushing crude toward $100 a barrel.
The attacks ignited fires at several oil facilities and utilities in the kingdom’s southern region, and operators temporarily suspended work at the sites, the Saudi Energy Ministry said in a statement, according to The Associated Press. The 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, the AP reported.
Saudi-led coalition spokesman Turki al-Malki called the attacks a “serious escalation” and said the coalition “will take all necessary operational measures to deter the terrorist Houthi militia with utmost resolve,” the AP reported.
Brent crude climbed 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, and diesel set a record $5.90 on Monday, according to AAA.
Iran has blockaded the Strait of Hormuz, which handled about a fifth of the world’s oil before the war began Feb. 28, according to Quartz. The Red Sea has become vital to Saudi oil exports during the blockade, and the Houthis have launched an offensive toward the Bab al-Mandab Strait at its southern entrance, according to CBS News.
Houthi military spokesman Brig. Gen. Yahya Saree said the group fired dozens of ballistic missiles and drones at oil and economic facilities in response to Saudi strikes across Yemen, including Aramco sites in Najran and Abha and King Khalid Air Base, according to the AP. The Houthis have attacked Saudi targets since declaring a naval blockade against the kingdom in July, Reuters reported.
The Houthis have claimed repeated strikes on Aramco’s Jazan refinery since late July and have also targeted Yanbu, the kingdom’s principal west coast export gateway, according to Al Jazeera. Aramco CEO Amin Nasser said in early August that the attacks caused some production interruptions but no material operational or financial impact and that he expected operations to be restored quickly, the outlet reported.
President Donald Trump wrote Monday on that oil prices “will drop precipitously” when the U.S. wins the war with Iran, according to CNBC.
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