Crude oil prices rose more than 1 percent to over $120 a barrel on Friday as traders reconciled the impact of a missile attack on an oil distribution facility in Saudi Arabia.
Benchmark Brent rose more than 11.5 percent this week and WTI gained 8.8 percent.
DCO Global News
Published on March 26, 2022
By Odoh Dominic Chukwuemeka
Yemen’s Houthis said they launched attacks on Saudi energy facilities on Friday and the Saudi-led coalition said Aramco’s fuel distribution station in Jeddah had been targeted by an attack, but that fire in two tanks at the facility had been brought under control.
Smoke billowed near Jeddah’s Formula One circuit during televised practice sessions and the second practice was delayed in the highly visible attack.
A Saudi energy ministry official renewed a warning made earlier this week that Houthi attacks could affect the country’s “production capacity and its ability to fulfill its obligations to global markets.”
“The market, which was already shunning Russian oil supplies, has another thing to worry about with Houthi attacks potentially impacting Saudi Arabia’s production,” said Andrew Lipow, president of Lipow Oil Associates in Houston, noting that the attacks were becoming more frequent.
With global stockpiles at their lowest since 2014, analysts have said the market remains vulnerable to any supply shock.
The Houthi movement that has been battling a coalition led by Saudi Arabia for seven years launched missiles on Aramco’s facilities in Jeddah and drones at Ras Tanura and Rabigh refineries, the group’s military spokesman said.
The attack comes just five days after the Houthi group fired missiles and drones at Saudi energy and water desalination facilities, causing a temporary drop in output at a refinery.
By Odoh Dominic Chukwuemeka
Your support matters.
Sustain independent journalism.
FOR ADVERT PLACEMENT CALL OR TEXT OUR WHATSAPP NUMBER; +886960917723, +886970840314
Click to Follow our website Dco-global-news.com
FaceBook Page; DCO Global News
DCO Global News Contacts;
For information on Press Releases, News, Advertisements, Videos, Photos, Events happenings, Promotional Events and Adverts, Share your stories with us, Please Call or Send a Text to our Whatsapp number; +886963563485, +886970840314.
Or send an email to; chionikdom02@yahoo.com, emydom29@gmail.com
(Like and Follow our Facebook Page; DCO Global News)
(Follow us on Twitter; @Dcoglobalnews)
(Follow us on LinkedIn; Dco Global News)
(Follow us on Tumblr; Dcoglobalnews)
(Follow us on Google +; Dco Global News TV)
(Subscribe to our YouTube Channel; DCO Global News TV)
Subscribe to our Telegram Channel DCO Global News.
Follow our Website http www. dco-global-news.com
Advertise with us.
Send us enquiries, Press releases.
DCO Global News Promotes the Values of Democracy, Human Rights, Values of Life and Freedom of Expression in a Region Where Genuine Media Freedom Remains Elusive and where many Media outlets remain Divided along Ethnic Lines.
Let’s 🚶 Walk the 🚶 Walk 🚶 Together.
Don’t miss a thing, get the latest updates to fuel your conversation daily.
For 2022, DCO Global News commit to another year of high-impact reporting that can counter misinformation and offer an authoritative, trustworthy source of news for everyone. With no shareholders or political owner, we set our own agenda and provide truth-seeking journalism that’s free from commercial and political influence. When it’s never mattered more, we can investigate and challenge without fear or favour.
(Support DCO Global News.)
LET’S HAVE YOUR SAY, LET’S KNOW YOUR THOUGHTS.
LIKE, SHARE AND COMMENT.
TEXT AD: To advertise here.
Call Dominic +886970840314…
© DGN NEWS MEDIA 2022.
All Rights Reserved.
DCO GLOBAL NEWS 