Oil Pares Losses After Reports Houthis Attacked Saudi Aramco Refinery

3-line summary

• Oil prices pared losses to less than 1% after dropping more than 3% earlier Thursday, after Yemen's Houthis reportedly targeted Saudi Aramco's Jazan refinery with two drones, according to a Reuters report via Yahoo Finance. Brent was down 0.8% at $88.24 a barrel and WTI down 0.8% at $82.56.
• The move came even as the EIA reported US crude inventories rose 17.4 million barrels in the week ended August 7 — the largest weekly gain since January 2023 — and OPEC cut its 2026 global oil demand growth forecast to 580,000 bpd.
• The IEA said it now expects a 1.6 million bpd contraction in oil consumption this year, versus a 1 million bpd forecast last month, citing higher prices and restricted supply from the U.S.-Israeli war with Iran.

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