{"id":73837,"date":"2026-10-29T16:08:12","date_gmt":"2026-10-29T20:08:12","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/houthi-strikes-on-saudi-oil-infrastructure-and-us-spr-loans-shake-energy-markets\/73837\/"},"modified":"2026-10-29T16:08:12","modified_gmt":"2026-10-29T20:08:12","slug":"houthi-strikes-on-saudi-oil-infrastructure-and-us-spr-loans-shake-energy-markets","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/houthi-strikes-on-saudi-oil-infrastructure-and-us-spr-loans-shake-energy-markets\/73837\/","title":{"rendered":"Houthi Strikes on Saudi Oil Infrastructure and US SPR Loans Shake Energy Markets"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Houthi forces claimed major strikes<\/strong> on Saudi Arabia\u2019s <strong>Ras Tanura refinery<\/strong> and <strong>Abqaiq processing facility<\/strong>, causing reported fires at critical export hubs.<\/li>\n<li><strong>The U.S. Department of Energy (DOE)<\/strong> awarded <strong>16.75 million barrels<\/strong> of <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">crude oil<\/a> loans from the Strategic Petroleum Reserve (SPR) to five major trading firms.<\/li>\n<li><strong>Rio Tinto (<a href=\"\/stock\/RIO\">RIO<\/a>)<\/strong> reported a <strong>70% drop in copper concentrate exports<\/strong> from its Oyu Tolgoi mine due to severe Chinese border delays.<\/li>\n<li><strong>Fonterra (<a href=\"\/stock\/FCG\">FCG<\/a>)<\/strong> raised its 2026\/27 milk price forecast midpoint to <strong>NZD 9.75\/kgMS<\/strong>, citing surging global demand for dairy powders.<\/li>\n<\/ul>\n<h2>Houthi Attacks Target Global Oil Chokepoints<\/h2>\n<p>Yemen\u2019s Houthi rebels announced a large-scale military operation on Thursday, claiming to have successfully struck <strong>Saudi Aramco\u2019s (<a href=\"\/stock\/ARMCO\">ARMCO<\/a>)<\/strong> <strong>Ras Tanura refinery<\/strong> and the <strong>Abqaiq processing facility<\/strong>. The group stated they utilized ballistic missiles and drones to target these sites, which are essential to global oil supply, as well as international airports in <strong>Riyadh<\/strong> and <strong>Dammam<\/strong>.<\/p>\n<p>While the Houthi military spokesperson, Yahya Saree, claimed the strikes caused &quot;massive fires,&quot; there has been <strong>no immediate confirmation<\/strong> of the extent of the damage from Saudi authorities. Market analysts warn that continued escalation in the region, particularly targeting the <strong>550,000 barrel-per-day<\/strong> Ras Tanura complex, could lead to significant volatility in global crude benchmarks.<\/p>\n<h2>U.S. Deploys SPR Loans to Stabilize Supply<\/h2>\n<p>In a move to mitigate potential supply disruptions, the <strong>U.S. Department of Energy<\/strong> announced that five companies will borrow <strong>16.75 million barrels<\/strong> of crude oil from the Strategic Petroleum Reserve. The loans were part of a <strong>17 million barrel offer<\/strong>, with major commodity traders including <strong>Trafigura<\/strong>, <strong>Gunvor<\/strong>, and <strong>Vitol<\/strong> among the successful bidders.<\/p>\n<p>These barrels are being issued as loans rather than outright sales, requiring the participating firms to return the crude with a <strong>premium of additional barrels<\/strong> at a later date. This strategy aims to provide immediate liquidity to the energy market <em>at no cost to American taxpayers<\/em> while ensuring the long-term replenishment of the reserve.<\/p>\n<h2>Rio Tinto Faces Copper Export Bottleneck<\/h2>\n<p><strong>Rio Tinto (<a href=\"\/stock\/RIO\">RIO<\/a>)<\/strong> is grappling with severe logistical hurdles at the Mongolian-Chinese border, which have slashed copper concentrate exports from the <strong>Oyu Tolgoi<\/strong> mine by approximately <strong>70%<\/strong>. The company noted that delays at the <strong>Ganqimaodu border crossing<\/strong> have drastically reduced the number of available trucks to transport material.<\/p>\n<p>The bottleneck is reportedly due to <strong>infrastructure and technology upgrades<\/strong> on the Chinese side, including new facial-recognition systems for drivers. If these restrictions persist through the end of the year, the disruption could impact up to <strong>$1.2 billion<\/strong> in export revenue for the operation, which is a cornerstone of Rio Tinto&#39;s copper growth strategy.<\/p>\n<h2>Dairy Prices Surge on Global Demand<\/h2>\n<p>New Zealand dairy giant <strong>Fonterra (<a href=\"\/stock\/FCG\">FCG<\/a>)<\/strong> has lifted its forecast Farmgate Milk Price for the 2026\/27 season, raising the midpoint to <strong>NZD 9.75 per kgMS<\/strong>. The cooperative also narrowed its forecast range to <strong>NZD 9.00\u2013NZD 10.50 per kgMS<\/strong>, reflecting increased confidence in market stability.<\/p>\n<p>CEO Richard Allen attributed the upgrade to sustained demand for <strong>Whole Milk Powder<\/strong> and <strong>Skim Milk Powder<\/strong> across Southeast Asia, China, and the Middle East. The revised forecast comes as global dairy commodity prices have seen a <strong>5% to 7% increase<\/strong> in recent trading events, providing a significant boost to New Zealand&#39;s agricultural sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Houthi forces claimed major strikes on Saudi Arabia\u2019s Ras Tanura refinery and Abqaiq processing facility, causing reported fires 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