The Jazan refinery, which processes 400,000 barrels per day, has been taken offline, with repairs not expected to wrap up until mid-August. The retaliatory framing is notable: the Houthis have historically aimed at military targets rather than economic ones, making this strike on a critical refinery a significant escalation in their operational posture. Two missiles aimed at the Yanbu export terminal were intercepted by Saudi air defenses before they could reach their targets. Energy market implicationsTaking 400,000 barrels per day of refining capacity offline, even temporarily, is not a trivial event. The strike also raises questions about the effectiveness of Saudi air defenses.