Houthis Claim Attack on Saudi Ras Tanura Oil Terminal as Iran Sets War-End Conditions

Yemen's Houthi movement claimed responsibility for an attack on Saudi Arabia's Ras Tanura oil terminal, the kingdom's largest crude export facility on the Persian Gulf, with Saudi authorities confirming they contained a fire near the hub that broke out in the early hours of Tuesday. The blaze occurred near facilities operated by state producer Saudi Aramco, according to a person with knowledge of the matter who asked not to be identified. The extent of the damage was not immediately clear.

The attack added fresh pressure to an energy market already strained by the broader U.S.-Iran conflict. Brent crude climbed to around $116.38 per barrel, with WTI trading near $101.82, as traders balanced fears over Gulf infrastructure against cautious optimism around diplomatic activity. Oil prices swung in choppy trade throughout the session, with reports of renewed diplomatic efforts to prevent wider escalation providing some offset to the supply-risk premium.

Iran's Supreme Leader backed conditions set by Iranian officials to end the war, including lifting a U.S. port blockade, easing oil sanctions, and reopening the Strait of Hormuz within seven days of any deal, according to Sepah News. The demand sets up a standoff over sequencing, with Tehran seeking sanctions relief before nuclear concessions and Washington holding the opposite position. Iran's security chief met with the supreme leader to discuss the war, and Iran's government issued a separate statement on talks held in Russia, underscoring the multilateral diplomatic track running alongside the military pressure.

Adding a separate layer of tension, Iran's Persian Gulf Strait Authority threatened legal action against tankers belonging to Sinokor, the world's biggest oil tanker owner, which has moved millions of barrels through the Strait of Hormuz in recent weeks. Meanwhile, Russia's Deputy Prime Minister Alexander Novak said a fourth tanker carrying Russian diesel bound for the United States would depart on October 28, with three more vessels already en route, and added that Russia could reroute and sell all its gas if Europe declines to buy it.