Satellite images have revealed a fire at a tank within Saudi Aramco’s Jazan oil refinery following claims of an attack by Yemen’s Houthis over the weekend. This attack marks the first reported strike on a Saudi refinery by the Houthis in four years, highlighting renewed tensions in the region. The incident raises significant concerns about potential impacts on oil supply and regional stability, given the strategic importance of the facility. Markets suggest the attack may lead to a decrease in the probability of normal traffic through the Strait of Hormuz by July 31, with potential upward pressure on WTI crude oil prices due to supply disruption concerns.
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