Houthi strike hits Aramco office building in Dhahran; Saudi stocks slip as group threatens more attacks

A missile struck an administrative building at Saudi Aramco's headquarters complex in Dhahran, Saudi authorities confirmed, causing a limited fire but no deaths or injuries, after loud explosions were reported near the complex. A company source told Reuters the top three floors of an office tower were damaged. Missiles aimed at Riyadh were intercepted, and falling debris injured four people there.

Yemen's Houthis claimed the attack on Wednesday, saying they fired ballistic missiles, cruise missiles and drones at Aramco facilities in Dhahran, King Khalid International Airport in Riyadh and an Aramco refinery in the capital. Saudi authorities have confirmed only the Dhahran hit. A day earlier, Houthi spokesman Yahya Saree had called Saudi oil sites a legitimate target and urged people to move away from them.

Saudi stocks slipped while other Gulf markets were mixed. In early Wednesday trading the Tadawul All Share Index fell 0.7%, Aramco 0.5% and Saudi National Bank 1.3%, according to a regional wire report. Brent crude traded at $106.58 a barrel early on October 14, up 0.8% from a $105.69 close, while WTI had settled at $94.14.

Nothing reported so far points to any loss of oil production, pipeline flows or exports, which is the variable that would move crude far more than an office-building hit. The open questions are whether the Houthis can repeat strikes on core energy infrastructure, as they have threatened, and how Saudi Arabia responds, with oil markets already elevated by attacks on Strait of Hormuz shipping.