🇸🇦🇾🇪 Houthi missiles are hitting Riyadh, and the bill could end up (once again) at your gas pump.
Brent crude jumped from around $97 to over $107 a barrel in less than a week as attacks on Saudi Arabia intensified.
It's still hovering around $105, with traders nervous about what happens if the Houthis start going after oil facilities.
Saudi Arabia is one of the world's biggest oil exporters, so even the threat of disrupted pipelines and refineries can send prices climbing elsewhere.
Saudi stocks dipped after the latest airport attack before recovering most of their losses, while other Gulf markets remain on edge.
Even Ali Shihabi, a Saudi analyst close to the government, acknowledges the kingdom has too many airports, pipelines and oil facilities to defend them all.
And the damage to business is already showing.
Riyadh's main airport had to suspend operations, the capital's financial district has gone remote, U.S. aviation authorities are warning about flying over parts of the country, and some major players skipped this week's oil conference.
That hits MBS right where it hurts.
His Vision 2030 plan depends on attracting $100 billion a year in foreign investment to move the economy beyond oil.
Not exactly an easy sell when missiles are flying over the capital.
So the country spending billions to build a future beyond oil is now stuck watching its oil drive prices up for everyone else.
Sources: Reuters, Bloomberg, AFP / Writer: Julie
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Unbeatable Mindset @Unbeatableuniy ·
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@MarioNawfal The consequences of war never stay on the battlefield. When oil supplies are threatened, ordinary people everywhere end up paying the price at the pump. 🌍⛽







































































