Saudi Aramco oil facility in Jeddah hit by Yemeni Houthi rebel missile

Joel Frank Independent Analyst

A Saudi Aramco oil facility located in Jeddah, Saudi Arabia, was hit by a missile launched by Yemen's rebel Houthi militia on Friday, reports on social media suggested.

NEW - #Houthi strike just hit an #Aramco facility in #Jeddah, on the eve of the #SaudiArabia Grand Prix.pic.twitter.com/nRKYAvk2y7
— Charles Lister (@Charles_Lister) March 25, 2022

A Yemeni Houthi spokesperson later said that the group would be announcing more details on a wide operation in Saudi Arabia later in the day.

Market Reaction

The news sent oil prices jumping higher, with WTI surging back to $112 from around $110 and also weighed on equities, with the S&P 500 dropping about 25 points to 4515 from around 4540.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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