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Houthi Strikes on Saudi Oil Sites Could Push Global Fuel Prices Higher

Houthi Strikes on Saudi Oil Sites Could Push Global Fuel Prices Higher

Houthi Strikes on Saudi Oil Sites Could Push Global Fuel Prices Higher
The Houthis said they used drones and missiles to strike a Saudi airbase in Khamis Mushait and targets belonging to Saudi Aramco in the nearby cities of Abha, Najran and Jazan. Saudi authorities described blazes at the sites and said 73 people were injured, including women and children.
Houthi attacks on southwestern Saudi Arabia have the potential to worsen the war's global economic impact by disrupting Middle East energy supplies beyond the blockaded Strait of Hormuz. Analysts warn that any interruption to these supplies can reverberate through world markets.
The immediate market reaction was stark: Brent crude prices rose more than two percent on Tuesday, climbing above $99 a barrel. In the United States, diesel fuel hit a record average retail price of more than $5.90 a gallon, a level that could translate into higher gasoline and diesel costs for everyday consumers.
As the conflict spills into the energy sector, consumers worldwide may see fuel prices climb at the pump, underscoring how distant battles can directly affect household budgets.
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