Iran-Backed Attacks on Saudi Oil Refinery Push Crude Prices Higher

Iran-backed Houthi forces launched attacks on Saudi Arabia's Ras Tanura oil refinery last week, causing a rise in global crude oil prices. The repeated strikes underscore the region's difficulty in defending against proxies and raise questions about the effectiveness of existing defence systems. This escalation signals Tehran's ability to disrupt vital energy infrastructure at will, adding significant geopolitical risk to the global supply chain. Such sustained oil price increases and heightened Mideast tensions could bolster gold's appeal as a safe-haven asset and potentially pressure the Pakistani Rupee due to higher import costs.

بحوالہ / Source: oilprice.com