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Saudi attack warning lifts oil prices amid tighter regional risk
Saudi Arabia, Turkey and Pakistan are set to sign a joint defense agreement in Jeddah, while the Reserve Bank of India sold USD/INR to support the rupee.
Oil prices ticked higher as tensions between Saudi Arabia and the Houthis escalated, with a senior Saudi official telling Reuters and CNN that the kingdom expects multiple coordinated attacks imminently.
The reporting said potential targets include civilian areas, energy and oil facilities, economic sites, critical infrastructure, airports and ports, with Saudi officials observing drones and missiles in motion consistent with preparations for a three-pronged operation.
Against that backdrop, Saudi Arabia, Turkey and Pakistan are set to sign a joint defense agreement in Jeddah, according to sources close to Saudi military and government officials, bringing Pakistan into a formal defense arrangement at a time of acute regional risk.
On currency policy, the Reserve Bank of India sold USD/INR to support the rupee, while St. Louis Fed President Alberto Musalem reinforced a hawkish message that inflation is well above target and policy must impose meaningful restraint, according to Forexlive.