Saudi Ras Tanura refinery, aviation and military targets attacked, Yemen's Houthis say

Six missile and drone attacks were launched across Saudi Arabia, Yemen's Iran-aligned Houthis said on Thursday. The targets included oil facilities, airports and a military position, Xinhua News Agency reported.

Three ballistic missile attacks were directed at the Ras Tanura refinery, Saudi Aramco facilities in Abqaiq and the Rabigh refinery, according to Houthi military spokesman Yahya Sarea. Ras Tanura and Abqaiq are in Saudi Arabia's Eastern Province, while Rabigh is on the country's Red Sea coast.

In two other operations, missiles targeted King Khalid International Airport in Riyadh, the Saudi capital, while a drone targeted King Fahd International Airport in Dammam in the Eastern Province, the source said.

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Recent Saudi strikes on Houthi-held areas in Yemen prompted the attacks, the Houthi military spokesman said.

0.54% daily gain for WTI

West Texas Intermediate (WTI) is trading at $101.80 at the time of writing, a gain of 0.54% on the day.

WTI Oil: Key Questions

WTI Oil explained

West Texas Intermediate, abbreviated to WTI, is a crude oil traded internationally. Alongside Brent and Dubai Crude, it is one of three major crude oil types. Its relatively low gravity earns it the description “light”, while its low sulphur content makes it “sweet”. Regarded as a high-quality oil, WTI is easy to refine. It originates in the United States and is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, with its price regularly cited in the media.

Key drivers of WTI Oil prices

Supply and demand underpin WTI oil prices, as they do for all assets. Stronger global growth can lift demand, while weaker growth can have the reverse effect. Supply disruptions caused by political instability, wars or sanctions can also affect prices. Another major influence is OPEC, a group of leading oil-producing countries whose decisions help shape prices. As oil is traded predominantly in US Dollars, the value of the US Dollar also matters for WTI crude oil. A weaker US Dollar can make oil more affordable; a stronger currency can have the opposite effect.

Inventory data and WTI Oil prices

Weekly inventory figures from the American Petroleum Institute (API) and the Energy Information Agency (EIA) influence WTI oil prices by revealing shifts in supply and demand. Falling stocks can signal stronger demand and support prices. Rising inventories, by contrast, can indicate greater supply and put prices under pressure. The API releases its report every Tuesday, followed by the EIA the next day. The two sets of results are generally similar: 75% of the time, they differ by no more than 1%. As the EIA is a government agency, its figures are regarded as more reliable.

OPEC's role in WTI Oil pricing

At meetings held twice a year, the 12 oil-producing nations in OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently influence WTI oil prices. Lower quotas can constrain supply and lift prices, while an increase in OPEC production has the reverse effect. The broader OPEC+ group adds ten non-OPEC members, with Russia the most notable among them.