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Houthis Claim Saudi Strikes, Warn of Response to Further Escalation

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Yemen's Houthi movement carried out two attacks targeting a sensitive site in Riyadh and Aramco facilities in Yanbu using missiles and drones, Houthi military spokesperson Yahya Saree said in a post on X.

Saree said both operations achieved their objectives and warned that any further attack or escalation would trigger a similar response from the group.

The Saudi-led coalition said its air defenses intercepted six ballistic missiles launched toward Taif and Yanbu, according to multiple media reports.

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Oil & Energy

Oil Update: Crude Surges as Trump Backs Diesel Export Ban, Iran Vows No Surrender

Crude futures surged in after-hours trading on Wednesday as markets weighed the prospect of a US ban on diesel exports against signs of easing crude supply disruptions in the Gulf, while Iranian President Masoud Pezeshkian vowed that Tehran would not surrender.Dubai 1st Line Futures rose 3.6% to $98.56/bbl. Front-month West Texas Intermediate futures were up 2.8% to $92.88 per barrel, while Brent futures advanced by 4.3% to $103.56/bbl.The American Petroleum Institute said the US supplies about 20% of diesel traded globally by sea, and an export ban would remove that supply from the market, exacerbating the global refining crisis driving high fuel prices.The Trump administration is reportedly preparing a plan for a 90-day diesel export ban. President Trump said on Tuesday that he has called for a ban on US diesel exports, while Treasury Secretary Scott Bessent reportedly confirmed that the administration is examining whether a full or partial ban is feasible.Meanwhile, Pezeshkian told the UN General Assembly on Wednesday that Iran would not surrender in the conflict with the US but said Tehran still believed diplomacy could end the conflict. Soojin Kim, research analyst at MUFG, said that progress on both Saudi export capacity and US-Iran talks is unwinding part of the geopolitical premium, though unresolved Hormuz and Red Sea risks leave the market vulnerable to renewed disruption.

Oil & Energy

Market Chatter: Trinidad's NGC Agrees Shell Aphrodite Gas Terms, Signs EOG Coconut Deal

Trinidad and Tobago's National Gas, or NGC, reached a gas supply agreement with Shell (SHEL) for the Aphrodite field and signed a separate deal with EOG Resources (EOG) covering its Coconut project share, Reuters reported Wednesday, citing NGC Chairman Gerald Ramdeen.The Shell agreement settles the pricing issue and allows Aphrodite development to move ahead, with production targeted for Q2 2027. Ramdeen said the new terms provide NGC with 400% more value than earlier proposals, according to the report.Separately, NGC signed an agreement to purchase EOG Resources' share of gas from the Coconut project, with the supply going to Trinidad's petrochemical sector instead of Atlantic LNG and adding 300 billion cubic feet to NGC's supply, the report said.Shell, NGC and EOG Resources did not immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$EOG$SHEL
Oil & Energy

Market Chatter: US Heating Oil Prices Surge, Threatening Higher Winter Bills for Millions

Millions of Americans face higher heating bills this winter as a global fuel supply crunch pushes heating-oil prices sharply higher, the Wall Street Journal reported on Wednesday.New York retail prices reportedly reached $6.14 per gallon last week, up 66% from a year earlier. About 4.8 million US households, mostly in the Northeast, rely on heating oil, with a typical home using about 800 gallons during the winter.Heating costs for those households are projected to rise 43% to roughly $2,500, from $1,749 last winter.Global fuel inventories have fallen amid disruptions involving the Strait of Hormuz, threats to tankers and attacks on Russian refineries.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)