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Iran Strikes Saudi Red Sea Refinery, Escalating Oil Threats

Iran's strike on the Samref refinery in Saudi Arabia's Red Sea coastal city of Yanbu has minimal impact on operations, but follows through on threats to target energy infrastructure. This escalation affects global oil markets, with 30% of global oil supply passing through the Strait of Hormuz. The conflict risks disrupting 18 million barrels per day of oil exports.