Crude oil rose for a fifth consecutive session Wednesday after attacks near the Strait of Hormuz and a Houthi strike on Saudi Arabia’s state oil company.
Its records also showed damage to several other vessels around the Strait of Hormuz, including Al Maqam, DP World Kaveri, Kition M and Ever Vict, while the bulk carrier Cape Dao was listed as damaged and sunk on Sept. Tanker shortages and higher freight rates have weighed on Persian Gulf crude exports, which slowed in early October and weakened further the following week.
In Saudi Arabia, a Houthi strike hit an administrative building at Aramco’s headquarters in Dhahran. The top three floors, including offices used by senior executives, were damaged, and Saudi authorities reported a limited fire with no casualties. The Saudi-led coalition said it intercepted drones and missiles aimed at Riyadh, Dhahran and Al-Kharj, while debris from an intercepted strike injured one person in Riyadh.
The Houthis said the attacks were retaliation for Saudi strikes in Yemen and warned that airports and oil facilities remained legitimate targets. The group has continued targeting Saudi airports, military sites and oil infrastructure as Saudi Arabia backs forces fighting the Houthis in Yemen. The combined pressure on shipping around Hormuz and energy facilities in Saudi Arabia has increased concern over the reliability of regional oil movements and supported higher prices.