Saudi Aramco just evacuated its headquarters for the first time since the Iran war beganStaff at the Dhahran HQ of the w…

Saudi Aramco just evacuated its headquarters for the first time since the Iran war began

Staff at the Dhahran HQ of the world's largest oil company were told Thursday to leave and work remotely, per Reuters and Bloomberg

A Houthi strike hit the same compound earlier this month, damaging several floors and sparking a fire

On Wednesday, a drone attack near Aramco's Shaybah oilfield, which pumps about 1 million barrels a day, killed two people, and a strike on Dammam's airport about 9 miles from the HQ killed two more

The US has now ordered non-emergency diplomats and their families to leave Saudi Arabia

Brent crude jumped to $111.86 this morning, up nearly 3% on the day, its highest level since May and 54% above the $72 it traded at before the war started in late February

For months the market priced the risk around Hormuz. Now the strikes are landing on the infrastructure Saudi Arabia built to route around Hormuz, including the East-West pipeline, and that is a much harder risk premium to fade

Source: StockMarket.News