Yen Gains After Saudi Oil Attack; Oil Set to Rise: Markets Wrap

Yen Gains After Saudi Oil Attack; Oil Set to Rise: Markets Wrap

Yen Gains After Saudi Oil Attack; Oil Set to Rise: Markets Wrap

Earlier this week, Trump said that he would have "no problem" in meeting Iranian President Hassan Rouhani on the sidelines of the UN General Assembly, with US State Secretary Mike Pompeo telling reporters on Tuesday that "the President has made very clear he is prepared to meet with no preconditions".

In response to the attack, senior United States senators have suggested striking Iranian oil refineries in response to the assault, claimed by Yemen's Iran-backed Houthi rebels, on Saudi Arabia's largest oil processing facility.

Officials said the photos show impacts consistent with the attack coming from the direction of Iran or Iraq, rather than from Yemen to the south.

"It is very hard to see how these things could have come from anywhere but Iran or Iraq", the senior administration official said.

Saudi Arabia stocks declined, with the Tadawul All Share Index falling as much as 3.1% after the attacks.

The attack Saturday on Saudi Arabia's Abqaiq plant and its Khurais oil field led to the interruption of an estimated 5.7 million barrels of the kingdom's crude oil production per day, equivalent to more than 5% of the world's daily supply.

Zarif said: "Blaming Iran won't end the disaster" in Yemen.

The Saudi Embassy in Washington said U.S. President Donald Trump assured Prince Mohammed in a phone call that the U.S. was ready to help Riyadh to protect its security in the aftermath of the drone attacks.

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"In worldwide relations, even "hostility" [should have] a minimum degree of credibility and logical frameworks, but the US officials have ignored even such minimum principles", Abbas Mousavi, a spokesperson for Iran's Foreign Ministry, said in a Sunday statement, according to Iran's Tasnim News Agency.

In an escalating series of moves, Tehran has sought to counter or undermine those sanctions - attacking a handful of oil tankers, seizing others and their crews and assaulting Saudi oil facilities, according to US officials.

The attack on plants in the heartland of Saudi Arabia's oil industry, including the world's biggest petroleum-processing facility, came from the direction of Iran, and cruise missiles may have been used, according to a senior USA official.

It remains unclear how King Salman and his assertive son, Crown Prince Mohammed bin Salman, will respond to an attack targeting the heart of the Saudi oil industry.

"The Saudi-led coalition has been fueling the flames of war in the region; with recurrent acts of aggression against Yemen, and committing various war crimes for around five years, while Yemenis have proved that they stand against war and aggression", Iranian Foreign Ministry spokesman Abbas Mousavi said, according to to the state-backed Tasnim News Agency. Oil analysts said the damage at the Saudi production sites could boost Friday's benchmark $55-a-barrel oil price by $3 to $5 a barrel on Monday. One source familiar with the destruction caused by the drone attacks told Reuters it could take "weeks, not days".

However, on Sunday, Trump appeared to have contradicted his own top diplomat, denouncing reports that he was willing to meet with Iran with "no conditions" as "fake news".

In July 2018, the president first said "no preconditions".

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