Anxiety over continued and damaging supply disruption, due to the escalation of the conflict between the US and Iran, is significantly higher. The uptrend continued yesterday as Houthi rebels launched ferocious attacks on four Saudi cities and energy installations, including the Jazan refinery, causing 73 injuries.
Oil prices are once again coming to the simmer, heated by another turn to violence across the Middle East. After the ‘Financial Times’ yesterday reported an attack on the Aramco facility in Jazan, this morning, fresh reports are seen across the wires of further Houthi attacks into Saudi Arabia in the cities of Abha, Khamis Mushait, Jazan and Najran, killing many civilians and, according to ‘Reuters’, oil infrastructure has been disrupted.
Economic and financial fortune-tellers will base their predictions on the rather hectic week behind us as they assess what the future might hold. They will conclude that the deviation from the norm will persist. They might even go as far as to establish that this deviation is, in fact, the new norm.
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