'Despite Iran's malign efforts we are very confident that the market is resilient and will respond positively,' said Energy Secretary Perry following an attack on Saudi Arabia that triggered the biggest surge in oil prices since 1991. Follow the updates:
DUBAI - An attack on Saudi Arabia that triggered the biggest jump in oil prices in almost 30 years was carried out with Iranian weapons, a Saudi-led coalition said on Monday, as President Donald Trump said the United States was “locked and loaded” to hit back.
“The preliminary results show that the weapons are Iranian and we are currently working to determine the location ... The terrorist attack did not originate from Yemen as the Houthi militia claimed,” Malki told a news conference in Riyadh. The market eased from its peak after Trump announced that he would release U.S. emergency supplies and producers said there were enough stocks stored up worldwide to make up for the shortfall. Prices were around 12% higher by 1645 GMT.
U.S. Energy Secretary Rick Perry pinned the blame squarely on Iran for “an attack on the global economy and the global energy market”. “We assure the Saudi regime that our long arm can reach any place we choose and at the time of our choosing,” Sarea tweeted. “We warn companies and foreigners against being near the plants that we struck because they are still in our sights and could be hit at any moment.”
Tension in the oil-producing Gulf region has dramatically escalated this year after Trump imposed severe U.S. sanctions on Iran aimed at halting its oil exports altogether.For months, Iranian officials have issued veiled threats, saying that if Tehran is blocked from exporting oil, other countries will not be able to do so either.
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