World oil prices rise after Huthi rebels attack Saudi plant

Iran dismisses U.S. claim it was behind Saudi oil attacks, says ready for war

Iran dismisses U.S. claim it was behind Saudi oil attacks, says ready for war

"Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount." tweeted the US President.

Earlier in the day, a senior United States official told reporters that evidence from the attack, which hit the world's biggest oil-processing facility, indicated Iran was behind it, instead of the Yemeni Houthi group that had claimed responsibility.

The UAE, concerned about the rising tensions with Iran and Western criticism of the war, has scaled down its military presence in Yemen, leaving Riyadh to try to neutralise the Houthis to prevent Iran from gaining influence along its border.

"The plant is a major source of supply and a prolonged outage as a result of the attack has the potential to negatively impact global energy markets".

In a series of tweets, US Secretary of State Mike Pompeo blamed Iran for the incident, saying "there is no evidence they came from Yemen".

Despite the Houthi claim, Pompeo on Saturday placed blame on Iran, accusing Zarif, and Iranian President Hassan Rouhani of duplicity.

"Iran will not stop their misbehaviour until the consequences become more real, like attacking their refineries, which will break the regime's back", Graham wrote on Twitter. Yemen's Houthi rebels are claiming responsibility for the attack. Those militias in recent weeks have been targeted themselves by mysterious airstrikes, with at least one believed to have been carried out by Israel. Photo by Reuters stringer.

"Any expectation that the market had about the U.S. easing sanctions on Iran following President Trump's dismissal of John Bolton will quickly dissipate".

"The Americans adopted the "maximum pressure" policy against Iran, which, due to its failure, is leaning toward 'maximum lies, '" Mousavi said in a statement.

Iraqi Prime Minister Adel Abdul-Mahdi also denied reports that the drone attack was launched from its territory.

Machine-gun fire could be heard in several clips alongside the day's first Muslim call to prayers, suggesting security forces tried to bring down the drones just before dawn.

Saudi Aramco will likely buy significant quantities of gasoline, diesel and possibly fuel oil while cutting liquefied petroleum gas exports.

Schiff said he thought Trump should engage in diplomacy with Iran because "it's the only way out of the situation" that has developed since the Republican president pulled the United States out of the Iran nuclear deal previous year.

An investigation has been launched, according to the Saudi Interior Ministry.

Up until just recently, it was the world's largest oil exporter. But it's a very tense situation in the Persian Gulf right now, and it could escalate.

The shock has disrupted five percent of the world's oil output, causing concern that price of oil may spike as the Kingdom is crucial to the world's flow of the precious hydro carbon.

The country's total production hovers around 10 million barrels per day, with an average of 9.85 million barrels per day in August, data from the U.S. Energy Information Administration show.

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