Oil prices surge as attack on Saudi facility disrupts output

Oil prices surge as attack on Saudi facility disrupts output

Oil prices surge as attack on Saudi facility disrupts output

"There is reason to believe that we know the culprit", adding that the U.S. was is "locked and loaded" and awaiting information from Saudi Arabia.

The attack is now roiling markets with oil prices surging upward ahead of the open Monday.

He said he had also authorized the use of the USA emergency oil stockpile to ensure stable supplies after the attack, which shut down 5 per cent of world production.

US Secretary of State Mike Pompeo on Saturday blamed Iran for the attacks. "Saudi Arabia's oil fields have been the target of a number of drone attacks over the past year, with Yemen's Houthi rebels claiming responsibility for the latest attack". In a statement posted on Twitter, the ministry said the fires were under control and that authorities were investigating.

Oil costs surged greater than 10 p.c Monday after assaults on two Saudi Arabian crops that slashed output on this planet's prime producer by half, with Donald Trump blaming Iran and elevating the potential of a navy strike on the nation.

Saturday´s explosions set off fires that engulfed the Abqaiq plant, the world´s largest oil processing facility, and nearby Khurais, which hosts a massive oil field.

Many countries are bracing for impact, especially South Korea, Japan and China who all import large quantities of oil from Saudi Arabia. The reserve holds about 630 million barrels.

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Two other analysts told CNN Business they believe prices could jump $15 per barrel because of the amount of Saudi oil affected by the attacks.

Brent crude futures settled last week at $60.25 per barrel, down 1.8% for the week, its first decrease in five weeks.

Saudi Energy Minister Abdulaziz bin Salman said the attacks also led to a halt in gas production that will reduce the supply of ethane and natural gas liquids by 50%.

The development comes as Saudi Aramco takes steps to go public in what could be the world's biggest IPO. Under the 2015 agreement, Iran promised to restrict its nuclear program, but after the US withdrew, Iran stopped fulfilling some of its commitments under the accord.

UN Secretary-General Antonio Guterres condemned Saturday's attacks and called on all parties to exercise restraint and prevent any escalation. He said he would use enough oil "sufficient to keep the markets well-supplied". Turkey, an ally of Iran, called for the avoidance of "provocative steps" that could harm regional stability.

The risk of conflict seemed lower less than a week ago, with the departure of hawkish National Security Adviser John Bolton and Trump seeming to embrace the possibility of talks with Iran's President Hassan Rouhani at the United Nations General Assembly later this month in NY. Tehran ruled out talks until sanctions are lifted.

Meanwhile, an Iranian Islamic Revolutionary Guard Corps commander said that all USA military bases and vessels in the region are within the reach of Iranian missiles, Iran's Tasnim News Agency reported on Sunday.

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