Hormuz risk is back on the tape: a Houthi missile damaged Aramco's Riyadh tower, Iran reported three tankers on fire in the Strait of Hormuz, and US forces disabled a vessel in the Gulf of Oman. Shrap

What happened: An Aramco administrative building in Riyadh was damaged during a Houthi missile attack, Iran reported three oil tankers on fire in the Strait of Hormuz, and US forces disabled a vessel in the Gulf of Oman. Key numbers: Saudi Arabia spent $83 billion on defense last year. Why it matters: The Aramco tower damage raises questions about the kingdom's ability to protect its financial district and oil infrastructure. UBS's Dominic Ellis said the price drop reflects an unwind of geopolitical risk premium, not supply and demand fundamentals. Coverage: 3 outlets in 24h

An Aramco administrative building in Riyadh was damaged during a Houthi missile attack, Iran reported three oil tankers on fire in the Strait of Hormuz, and US forces disabled a vessel in the Gulf of Oman.

The Aramco tower damage raises questions about the kingdom's ability to protect its financial district and oil infrastructure. UBS's Dominic Ellis said the price drop reflects an unwind of geopolitical risk premium, not supply and demand fundamentals.