Houthis Announce Targeting of Ras Tanura Refinery... as TASI Closes Higher
The Houthis announced that they targeted Aramco's Ras Tanura refinery with a ballistic missile, while Saudi Arabia has not confirmed the strike, and the TASI index closed up 0.37% after dropping 1.3%.
The Iran-aligned Houthi group said on Tuesday that it targeted Saudi Aramco's Ras Tanura refinery with a ballistic missile, which is the largest refinery in the Kingdom with a capacity of 550,000 barrels per day.
Saudi authorities have not confirmed the strike or the extent of the damage as of market close, according to a report by the American network CNBC. The network said that concerns over oil supply disruptions are prompting traders to closely monitor the situation.
The TASI index fell 1.3% in morning trading immediately as news of the attack circulated, before reversing course to close up 0.37%.
This news comes at a time of escalating regional tension, amid fears regarding the impact of any targeting of Saudi oil facilities on supplies and markets. Markets are awaiting an official statement from Riyadh or Aramco clarifying what transpired and its operational impact.
What do these terms mean?
Ballistic missile: A missile launched in an arched trajectory that follows a set path after launch, used to strike distant targets.
Oil refinery: An industrial facility that converts crude oil into products such as gasoline, diesel, and jet fuel.
TASI Index: The main index of the Saudi Stock Exchange, measuring the performance of listed companies on the market.
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