Saudi Arabia's King Khalid airport: Yemen's Houthis say attacks will continue

Saudi Arabia's King Khalid Airport in Riyadh will remain a target, Yemen's Houthis said on Sunday, according to Reuters. The statement followed the kingdom's announcement hours earlier that flights had restarted despite repeated Houthi attacks.

Airlines, airport staff and travellers were urged to avoid the facility by Houthi military spokesperson Yahya Saree, who warned it would "never be safe". Saying the group had "conducted three military operations with dozens of ballistic missiles," Saree claimed the airport strike had achieved its target.

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Other sites attacked by the militant group included Saudi Arabia's King Fahd International Airport in Dammam, Najran airport and Khamis Mushait airbase.

Two ballistic missiles fired by Yemen's Houthis towards Taif and Yanbu were intercepted and destroyed, a Saudi-led coalition said over the weekend.

WTI Oil: Key Questions Answered

WTI Oil: Definition and Characteristics

WTI, short for West Texas Intermediate, is a crude oil grade traded internationally. Alongside Brent and Dubai Crude, it is one of three major types. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. This high-quality oil is regarded as easy to refine. Produced in the United States, it is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, with its price regularly cited by the media.

WTI Oil: Main Price Drivers

Supply and demand underpin WTI oil prices, as they do for other assets. Stronger global growth can lift demand, while weaker growth can have the reverse effect. Supply disruptions caused by political instability, wars or sanctions can affect prices. Decisions by OPEC, a grouping of major oil-producing countries, are another important influence. Because oil trades predominantly in US Dollars, the currency's value also affects WTI crude prices. A weaker US Dollar can make oil more affordable; a stronger one can have the opposite effect.

WTI Oil: Inventory Data and Prices

WTI oil prices respond to weekly inventory reports from the American Petroleum Institute (API) and the Energy Information Agency (EIA). Inventory movements reflect shifts in supply and demand. Falling stocks can signal stronger demand and lift oil prices, whereas rising stocks can indicate greater supply and weigh on prices. The API releases its report each Tuesday, followed by the EIA the next day. The two sets of results tend to be close: 75% of the time, they are within 1% of each other. As the EIA is a government agency, its figures are regarded as more reliable.

WTI Oil: OPEC's Pricing Influence

At meetings held twice a year, the 12 oil-producing nations in OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently affect WTI oil prices. Lower quotas can restrict supply and lift oil prices, while higher OPEC production has the reverse effect. The wider OPEC+ grouping includes ten additional non-OPEC members, most notably Russia.