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Oil prices soared on Monday after the drone attacks on oil plants in Saudi Arabia. Prices saw their biggest rise in a decade. At one point, prices shot up by nearly 20 per cent. This is the biggest one-day rise since the 1990-91 Gulf War. Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said the drone attack on Saudi Arabia's Abqaiq oil plant cut the kingdom's oil production in half. The attacks will cut the world's daily oil production by five per cent. The Bloomberg news agency said it could take weeks for Saudi to repair the damage. During this time, people could see higher gasoline prices at the pumps, especially in Asia. People may also have to pay higher prices for food and other goods.



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Yemen's Houthi group has claimed responsibility for the attacks in Saudi Arabia. The group said the attacks were because of Saudi Arabia's attacks on rebel groups in Yemen. Iran's President Hassan Rouhani supported the Houthi claim. He called the attack an act of self defense. He said: "Yemeni people are exercising their legitimate right of defense. The attack was a reciprocal response to years of Saudi aggression against Yemen." However, an Arab coalition says there is evidence that the weapons used to strike the Saudi oil plants were made by Iran. U.S. officials say satellite images suggest the attacks came from either Iraq or Iran and not Yemen. Iranian officials called the U.S. allegations "maximum lies".

Sources:

  • https://finance.yahoo.com/news/oil-surges-stock-futures-slip-233804359.html
  • https://www.latimes.com/business/story/2019-09-16/california-gas-prices-saudi-arabia
  • https://www.reuters.com/article/us-saudi-aramco-iran-rouhani/irans-rouhani-says-aramco-attacks-were-a-reciprocal-response-by-yemen-idUSKBN1W12AE

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