Market Flux Event
Houthi Drone Strike on Saudi Aramco Jazan Refinery Sends Diesel Cracks to Record High Above $98
Yemen's Houthi movement launched two drones at Saudi Aramco's refinery in Jazan, Saudi Arabia, on August 13, according to the group's state-run SABA news agency. The Houthis said the attack was in retaliation for what they described as Saudi violations of Yemeni airspace and sovereignty. The strike is the latest in a series of Houthi assaults on the Jazan facility, which processes roughly 400,000 barrels of crude oil per day in southwestern Saudi Arabia.
Markets reacted sharply: diesel crack spreads surged above $98.00 per barrel, an all-time high, while crude oil initially spiked before paring earlier losses. The attack comes amid reports that Iran has directed its military proxies to adopt a more aggressive posture, adding to concerns about the stability of Saudi energy infrastructure and broader regional supply risks.
© AI-generated summary is provided by Market Flux
Sources
- MarketsdayYEMEN'S HOUTHI-RUN SABA NEWS AGENCY SAYS GROUP TARGETED ARAMCO REFINERY IN SAUDI ARABIA'S JIZAN WITH TWO DRONES
- StaunovoYemen's Houthi run SABA news agency claims Houthis targeted Aramco refinery in Saudi Arabia's Jizan with two drones - #oott
- DeItaoneDIESEL CRACKS RISE ABOVE $98.00, AN ALL-TIME HIGH, AFTER REPORTS SAY YEMEN'S HOUTHIS ATTACKED ARAMCO REFINERY IN SAUDI ARABIA
- NaeemAslam23DIESEL CRACKS BREAK ABOVE $98 TO A RECORD HIGH AS SAUDI REFINERY RISK TIGHTENS THE FUEL MARKET Diesel cracks surged above $98 a barrel after reports of renewed risk around Aramco’s 400,000-bpd Jazan refinery, where a fire was reported after a Houthi-claimed drone attack.
- ZerohedgeTehran's Houthi Proxies Attack Saudi Aramco Again, Crude Spikes, As Iran's Military Command To Be 'More Aggressive'
- JavierBlasCHART OF THE DAY: Global refinery runs are stuck close to 80m b/d, about 5 million b/d below typical levels in mid-summer. That means a lot less crude demand, but also a lot less product supply. The bulk of the deficit is in Russia and east of Suez (Middle East and China).
- Yahoo FinanceOil pares losses after reports Houthis attacked Saudi Aramco refinery
- FirstSquawkDESPITE THE PULLBACK, THE UNDERLYING MARKET REMAINS TIGHT, WITH THE IEA ESTIMATING A GLOBAL OIL SHORTFALL OF 1.8 MLN BARRELS A DAY THIS QUARTER WHILE WARNING HIGHER PRICES ARE BEGINNING TO WEAKEN DEMAND, AND WITH U.S.-IRAN TALKS STILL DEADLOCKED, OIL COULD REMAIN VOLATILE AS A