On September 16, Global energy prices spiked after a weekend attack on key oil facilities in Saudi Arabia caused worst disruption to world supplies on record, an assault for which President Donald Trump warned that U.S. was “locked and loed” to respond. U.S. officials offered satellite ims of dam at heart of kingdom’s crucial Abqaiq oil processing plant and a key oil field, alleging pattern of destruction suggested attack on Saturday came from eir Iraq or Iran — rar than Yemen, as claimed by Iranian-backed Houthi rebels re.

More attacks on Oil facilities?

Iran for its part called U.S. allegations “maximum lies.” Houthis on Monday warned of more attacks on Saudi oil facilities and urged foreign companies doing business in kingdom to stay away from its energy sites. Yahia Sarie, a rebel spokesman, said facilities such as Abqaiq oil processing plant and oil field hit this weekend could again “be targeted at any time.” In Vienna, U.S. Secretary of Energy Rick Perry condemned what he called “Iran’s attack on Kingdom of Saudi Arabia” in an dress to International Atomic Energy ncy’s general conference.“This behavior is unacceptable and y must be held responsible,” Perry said of Iran.

“Make mistake about it, this was a deliberate attack on global ecomy and global energy market.”

He ded that “despite Iran’s malign efforts, we are very confident that market is resilient and will respond” and said that Trump has authorized release of strategic oil reserves should U.S. need m. But actions on any side could break into open a twilight war that’s been raging just below surface of wider Persian Gulf in recent months. Alrey, re have been mysterious attacks on oil tankers that America blames on Tehran, at least one suspected Israeli strike on Shiite forces in Iraq, and Iran has shot down a U.S. military surveillance drone. 

RE: Aramco Attacks Show Company Entanglement In Saudi Arabian Politics

Hike in Energy supplies

Benchmark Brent crude gained nearly 20% in first moments of tring Monday before settling down to over 8% higher as tring continued. A barrel of Brent tred up $5.33 to $65.55. That spike represented biggest percent value jump in Brent crude since le up to 1991 Gulf War that saw a U.S.-led coalition expel Iraqi dictator Sdam Hussein’s forces from Kuwait. U.S. benchmark West Texas crude was up around 8%. U.S. gasoline and heating oil similarly were up over 8% and 7% respectively before markets opened in New York.

Saturday’s attack halted production of 5.7 million barrels of crude a day, more than half of Saudi Arabia’s global daily exports and more than 5% of world’s daily crude oil production. Most of that output goes to Asia. At 5.7 million barrels of crude oil a day, Saudi disruption would be greatest on record for world markets, according to figures from Paris-based International Energy ncy. It just edges out 5.6 million-barrels-a-day disruption around time of Iran’s 1979 Islamic Revolution, according to IEA.

RE: Saudi Arabia Minister: Production Halted In Aramco Oil Refineries

US confident of its role

Saudi Arabia has pledged that its stockpiles would keep global markets supplied as it rushes to repair dam at Abqaiq facility and its Khurais oil field. Trump said U.S. h reason to believe it kws who was behind attack. His secretary of state h blamed Iran previous day. He assured his Twitter followers that “we are ... locked and loed” depending on verification and were waiting to hear from Saudis as to who y believe was behind attack and “under what terms we would proceed!”

Houthi Rebels Claim Drone Attack On Saudi Aramco Oil Refineries

 Drone Attacks Strike Major Saudi Aramco Facility, Oilfield