Global energy prices rocketed higher after a weekend attack on Saudi oil facilities that disrupted more than 5 percent of the world's daily supply.
Global energy prices surged Monday after a weekend attack on oil facilities in Saudi Arabia that disrupted more than 5% of the world's daily supply – and after the Yemen rebel group that claimed responsibility threatened new attacks on Saudi interests.The U.S. government released satellite images showing the extent of the destruction at the Abqaiq oil processing plant and a key oil field, where an estimated 5.
Yahya Saree, a spokesman for the Houthi-rebel-run Saba News Agency, said Monday the group may launch additional"more painful strikes" as long as Saudi Arabia's government"continues its aggression and blockade on Yemen." Mousavi said that the"Americans adopted the 'maximum pressure' policy against Iran, which, due to its failure, is leaning toward 'maximum lies.'""We have been constantly preparing ourselves for a full-fledged war," Amir Ali Hajizadeh, commander of the Iran's Revolutionary Guards aerospace force, told the Tehran Times on Sunday. He warned the U.S. that its military assets in the Middle East were within striking distance of Iran's military.
Saturday’s attack halted production of more than half of Saudi Arabia’s global daily exports, most of which goes to Asia. At 5.7 million barrels of crude oil a day, the Saudi disruption would be the greatest on record for world markets, according to figures from the Paris-based International Energy Agency. It just edges out the 5.6 million-barrels-a-day disruption around the time of Iran’s 1979 Islamic Revolution, according to the IEA.
The U.S. is expected to export more energy that it imports by 2020, according to the Energy Information Administration, a U.S. government agency.Gradual increases may be seen at U.S. gas stations before next weekend depending on how fast the kingdom's state-owned oil behemoth Saudi Aramco can revive lost output, said Patrick DeHaan, head of petroleum analysis at GasBuddy.
Trump's"locked and loaded" rhetoric mirrors remarks he made after Iran shot down a U.S. military surveillance drone in June. Trump later said that he pulled back from retaliating against Iran at the last minute. The U.S. has also blamed Iran for a series of mysterious attacks on oil tankers operating in the Persian Gulf, which Iran denies.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
S&P Global Platts sees Saudi oil strikes driving up risk premium in crude marketAttacks on Saudi oil plants have boosted concerns about supply security in the M...
Read more »
Crude Prices Soar After Saudi Oil Disruption, Threatening Global GrowthOil prices soar after Saudi attack; U.S. crude futures up 12%, global benchmark rises 18%
Read more »
Oil prices surge 15% after attack on Saudi facility hits global supplyOil prices surged more than 15% at the open on Sunday after an attack on Saudi A...
Read more »
Oil prices spike after Saudi attack disrupts global supplyAs oil prices surged Sunday, President Donald Trump said he had authorized the use of oil from the country's emergency reserve after Saturday's attack on Saudi Arabian oil facilities disrupted the global supply of crude.
Read more »
Oil prices spike after attack on Saudi facilities hits global supplyOil prices surged more than 15% at the open on Sunday after an attack on Saudi Arabia's oil facilities on Saturday that knocked out more than 5% of global oil supply.
Read more »
Global spare oil capacity in U.S. hands after Saudi outageAn attack on Saudi oil facilities on Saturday is believed to have disrupted half...
Read more »