Unsuccessful Houthis attacks on Saudi oil infrastructure

After a bull run placing Brent prompt price below 70 $/b on Friday, the rally continued on Monday as Saudi top intelligence officials reported a failed drone strike by the Houthis on the Ras Tanura oil farm. Ras Tanura is the key chokepoint of the global oil supply, with 3.5 mb/d of export capacity. On Sunday, Saudi Aramco unveiled its official selling prices for its crudes, raising differentials to Asia. Chinese crude oil exports recovered in January and February to 11.1 mb/d growing by 4% y/y.