• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 12 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 2 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 7 hours Mr
  • 16 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 4 hours Free market or Freeloading off the work of others?
  • 4 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 5 hours Marine based energy generation
  • 18 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 18 hours How to Create a Pandemic
  • 19 hours Apple to Bypass Internet and Beam Directly to Phones
  • 11 hours Which producers will shut in first?
  • 18 hours Real Death Toll In CCP Virus May Be 12X Official Toll
Alt Text

Coronavirus Could Derail The Electric Vehicle Revolution

The coronavirus pandemic is beginning…

Alt Text

The Real Reason Oil Prices Crashed

Whose fault is the current…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Brent Rises To 4-Year High As Houthis Target Saudi Oil Facility

Houthi rebels in Yemen claim to have fired two ballistic missiles toward an oil facility in the southern Saudi city of Jizan, close to the border with Yemen, Houthi-controlled Saba news agency reports.

According to Saudi Arabia-owned Al Arabiya news outlet, Saudi air defense forces have destroyed a ballistic missile fired by the Houthis from Yemen that targeted the Saudi border city of Najran.

The Iran-aligned Yemeni rebels, who have been fighting a Saudi-led Arab coalition in Yemen since 2015, have fired or claimed to have fired many missiles on Saudi Arabia since then, but they have caused little damage, and many of those missiles have been intercepted by the Saudi military.

Al Arabiya reported today that an Arab coalition strike hit the presidential office in Yemen’s Houthi-led capital. The strikes came hours after Saudi Arabia had intercepted two ballistic missiles launched by the Houthis and targeting the south of the Kingdom, according to the Saudi outlet.

The strikes left at least 6 dead and 30 wounded on Monday, the Associated Press reported, citing health officials.

In recent weeks, the conflict looks to have escalated, with Houthis firing ballistic missiles over Riyadh, in retaliation for air raids by a Saudi-led coalition. The Royal Saudi Air Defense intercepted at least one ballistic missile over Riyadh in that attack. Related: Never Trust A Banker About Oil Prices

Before that, the Houthi movement claimed to have fired a ballistic missile targeting Saudi Aramco in the southern Saudi province of Najran. Aramco responded to the reports by saying that all oil and gas facilities, plants, and refineries in Saudi Arabia were operating normally.

Reports from Saudi media two weeks ago had it that the Houthis had captured 19 oil tankers and are keeping them from entering the Hodeidah port.

A possible further escalation of the Saudi-Iran proxy war in Yemen is one of the geopolitical risks in the Middle East that could add premium to oil prices. The other—more imminent—geopolitical concern is Iran, with May 12 the deadline for U.S. President Donald Trump to decide whether to waive sanctions on Iran.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • Mamdouh G Salameh on May 07 2018 said:
    Saudi Arabia’s oil installations are distributed all over the huge Saudi land mass with the most important ones located in the eastern region of the country and very well protected. Still, the Houthis might get one time lucky and hit an Aramco installation but the impact on Saudi oil production and exports will amount to almost nothing.

    However, the risk for oil prices could come from the rising geopolitical concern over the Bab
    el-Mandeb Strait at the southern tip of Yemen. If one Saudi oil tanker is hit or sunk, this will deter many oil tankers from using the Strait thus leading to disruption of oil supplies to Europe and rising oil prices.

    Saudi Arabia is well advised to de-escalate tension in Yemen and try to reach a peaceful settlement with the Houthis. This will save the Yemeni people from the misery of the war, save the Saudi budget more than $76 bn annually in war costs and eliminate the risk to oil tankers passing through the Bab el-Mandeb Strait.

    As a historical note, when the British Empire occupied Aden in the 19th century, it did not endeavour to occupy Northern Yemen judging that it is virtually impossible to control it given its mountainous topography. The Late Gamal Abdul Nasser of Egypt lost some of his best troops in Yemen defending the republican regime. That was a major contributing factor for his defeat in the 1967 war with Israel.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News