Saudi Arabia's Oil Facility Hit by Missiles, Riyal Exchange Rate Even Sped Up

By Lissa | 08 April 2021 12:55:19 | 88 | 0
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Saudi Arabia's riyal exchange rate strengthened quite sharply against the rupiah in Monday trade (3/8), when Aramco's crude oil facility was hit by a missile. Aramco is a State-Owned Enterprise (SOE) of Saudi Arabia, and is one of the largest oil companies in the world. 

Saudi Arabia's Energy Ministry reported on Sunday (3/7) drones attacked Saudi Arabia's oil port, and ballistic missiles also targeted Aramco facilities. One of the oil tank areas at Ras Tanura Port in the Eastern Region, the world's largest oil port, was this morning attacked by drones from the sea," the ministry said in a statement released by Saudi officials, quoted by AFP from the local news agency, Monday (03/08).

"Ballistic missiles crashed near the Saudi settlement of Amarco, in Dhahran, where thousands of company employees and their families from different countries live. The attack targeted the backbone of the world economy, oil supply and global energy security," the ministry said.

Despite the assault, based on Refinitiv the riyal in today's trade strengthened 0.43% to 3,825/SAR. This level is the highest since November 6, 2020. 

There have been no reports of casualties and damage. The mastermind in charge has also not been revealed, but the perpetrators of the attack were directed at Houthi rebels in Yemen. 

In the aftermath of the attack, crude oil prices jumped in today's trading, as there was anxiety about a disruption in crude oil supply.