Aramco recently ordered the evacuation of its headquarters in Dhahran, signaling that Yemeni Houthi forces possess strike capabilities far beyond their traditional focus on Red Sea ports. This shift in threat geography has rattled investors, particularly as Libya’s National Oil Corporation confirmed the shutdown of a critical pipeline feeding the Zawya export terminal, further tightening global supply.

Analysts at ING warn that the Persian Gulf is increasingly volatile, undermining earlier market hopes for stabilization. With the U.S. deploying additional military assets to the region amid potential strikes on Iran, the bank has officially abandoned its $80 per barrel forecast for the fourth quarter. West Texas Intermediate is currently trading at $100.40, reflecting the broader market anxiety over resilient oil flows suddenly facing systemic disruption.