Aramco Evacuates Dhahran Headquarters After Houthi Strikes, Brent Hits $114
Aramco instructed its employees to leave its Dhahran headquarters and work remotely following Houthi strikes, while Brent reached $114, its highest level since May.
Saudi Aramco instructed its employees to leave its main headquarters in Dhahran and work remotely, according to six informed sources cited by Reuters, amid escalating fighting between the Kingdom and the Houthis in Yemen.
The instructions came following a series of Houthi attacks targeting the company and Saudi airports. Previous strikes caused extensive damage to the headquarters building in early October, with fires spreading to several floors. The company did not immediately respond to a request for comment, according to Gulf Times.
Houthi military spokesperson Yahya Sarea stated that the group launched attacks on Aramco facilities in the coastal city of Yanbu and on the Ministry of Defense in Riyadh, but Saudi authorities did not confirm those attacks. The Saudi-led coalition announced it intercepted drones over Riyadh and Medina.
Brent crude rose 2.81% to $111.88 a barrel on October 22, before trading at around $114 during the October 23 session, its highest level since May. Saudi Arabia's TASI index fell 2.5% on Thursday following news of the headquarters evacuation, according to LSEG data.
What Do These Terms Mean?
Brent: A benchmark crude oil used to price many global oil shipments, with its price monitored as an indicator of energy markets.
TASI Index: The main index of the Saudi stock market, tracking the performance of the largest listed companies, including Aramco.
Futures Contracts: Agreements to buy or sell a quantity of oil at a specified price today for delivery on a future date, which is the standard way crude is traded.
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