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Oil prices increased by the biggest amount in ten years after the drone attacks in Saudi Arabia. They went up by nearly 20% - the biggest rise since the 1990-91 Gulf War. The attacks cut Saudi's oil production in half, and global production by five per cent. It could take weeks to fix. We could pay higher gasoline and food prices.
Yemen's Houthi group said it carried out the attacks. Iran called it self defense. It said: "The attack was a...response to years of Saudi aggression against Yemen." Arab countries say weapons used in the attack were made by Iran. The USA said the attacks came from either Iraq or Iran, not Yemen. Iran called this "maximum lies".
Back to the Saudi oil attacks lesson.
