Houthi Missile Strike on Saudi Refinery Ignites Regional Market Jitters

Yemeni Houthi rebels launched ballistic missile attacks targeting a major Saudi Arabian oil refinery and the capital of Riyadh on Tuesday, prompting fresh concerns over global energy supplies and pushing crude prices higher.

Brent crude futures climbed to $115.90 a barrel in Asian trading, while West Texas Intermediate advanced to $101.91 a barrel following the assault on the facility in the kingdom's Eastern Province.

The attacks threaten the stability of vital petroleum shipments from the world's leading crude exporter as ongoing regional conflicts continue to disrupt international markets and test Middle Eastern defenses.

"The Yemeni Armed Forces were able to target the Ras Tanura refinery in the Eastern Province with a ballistic missile," said Yahya Saree, a Houthi military spokesman, in a statement posted on social media.

Saudi authorities did not immediately confirm a direct impact on the 550,000 barrel-per-day refinery, and maritime security agencies noted that a resulting fire had been contained with the extent of damage remaining uncertain.

The Saudi-led military coalition reported intercepting three missiles aimed at the Eastern Province and two additional projectiles directed at Riyadh, where falling debris caused minor property damage.

The military actions followed a recent defense pact signed in Mecca between Riyadh, Ankara and Islamabad, alongside diplomatic efforts aimed at de-escalating tensions across the region.

"Oil prices remain elevated as the market waits for greater clarity on President Trump's next move toward Iran," said ING commodity strategists in a note to clients.

Energy markets also absorbed data from the American Petroleum Institute showing that domestic crude inventories dropped by 2.03 million barrels during the week ending October 23.

Traders await official figures from the Energy Information Administration to confirm inventory trends ahead of an upcoming meeting of major oil producers scheduled for the weekend.