Yemen's Houthis attack Saudi Arabia's largest oil refinery

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Yemen’s Iran-backed Houthis said they struck Saudi Arabia’s largest refinery while the US and Israel were reportedly preparing for a new round of combat with Tehran, driving oil higher on fears of fresh escalation in the Middle East.
Though crude flows out of the region have risen to near prewar levels, prices remain elevated as investors expect further disruption to supplies: One leading commentator warned that the oil market “should brace for a forever stalemate in Iran,” while the head of the International Energy Agency said markets were unlikely to return to pre-conflict norms even next year and urged governments to treat “energy security as a number one priority.”

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