Oil prices see historic surge after drone attacks on Saudi facilities

A gas flame is seen behind pipelines in the desert at Khurais oil field near Riyadh, Saudi Arabia. It was one of two oil centers attacked over the weekend. File Photo by Ali Haider/EPA-EFE

The oil supply disruption is greater than that of the Iranian Revolution in 1979, the Arab-Israeli War from in 1973 and the Iraqi invasion of Kuwait in 1990 — all three of which led to major energy crises. Analysts say the attack could also influence crude prices well into next year, as the risk premium gets built into the price.

Pompeo blamed Iran for the attack Saturday. U.S. President Donald Trump met with Defense Secretary Mark Esper to discuss the situation Sunday. Monday, he touted the energy market.

“Because we have done so well with energy over the last few years (thank you, Mr. President!), we are a net energy exporter, & now the number one energy producer in the world,” he wrote. “We don’t need Middle Eastern oil & gas, & in fact have very few tankers there, but will help our Allies!”

Article URL : https://www.upi.com/Top_News/World-News/2019/09/16/Oil-prices-see-historic-surge-after-drone-attacks-on-Saudi-facilities/4521568628618/

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