The latest on the Saudi oil attacks

Attack on Saudi oil facilities consequences and solutions

He said production at the Abqaiq processing facility is now at 2 million barrels per day.

Oil prices tumbled about 6% on Tuesday after Saudi Arabia's energy minister said the country has managed to restore oil supplies to where they stood before weekend attacks on its facilities shut 5% of global oil output.

On Monday, the prices surged nearly 20pc in intraday trading in response to the attacks, the biggest jump in almost 30 years, before closing nearly 15pc higher at four-month highs. U.S. West Texas Intermediate (WTI) crude futures fell US$3.52, or 5.6 per cent, to US$59.38 a barrel.

The attack also took out 2 billion cubic feet of daily gas production.

Aramco, the Saudi oil company targeted, said no workers were injured in the attack.

With Riyadh flaunting a potential military response, it appears the U.S. will also likely get involved with the conflict despite Trump saying Washington "doesn't want war". The coalition led by Saudi Arabia attacks the anti-government rebels in Yemen with American weapons, American bombers and American reconnaissance in a war that has claimed at least 10,000 lives among the civilian population alone. The kingdom, though, has not yet said where the attack was launched from or what kind of weapons were involved.

King Salman, heading a cabinet meeting on Monday, said Riyadh would handle the consequences of "cowardly attacks" that target vital Saudi installations, world crude supplies and global economic stability. Iran denied the accusations that it was behind the attack.

One of the USA government's satellite images showing damage to the Abqaiq oil field in eastern Saudia Arabia.

In a sign that US allies remain unconvinced, French Foreign Minister Jean-Yves Le Drian said he was unsure if anyone had any evidence to say whether drones "came from one place or another".

President Trump has said the "locked and loaded" and able to respond to the threat but also said he wants to avoid war.

Earlier, he had said the us was "locked and loaded".

In the meantime, Trump has said the United States would help prevent worldwide oil shortages, and that he had already given instructions to access American emergency reserves if necessary.

German Chancellor Angela Merkel said the Iran nuclear pact, which European parties are trying to salvage, is one building block "we need to get back to".

Iran's supreme leader said Tuesday "there will be no talks with the any level".

Ali Vaez, the Iran project director at the International Crisis Group (ICG), said plausible deniability has been the trademark of Iran's push-back strategy against the United States - from attacks on US forces in Iraq after the invasion in 2003 to attacks against shipping in the Persian Gulf this year.

U.S. -Iran relations deteriorated after Trump quit the accord and reimposed sanctions over Tehran's nuclear and ballistic programmes.

"Without this, no negotiations will happen at any level between the Islamic Republic of Iran's officials and the Americans, not during the visit to NY or any other visit", he said. There had been suggestions in recent days that Trump could meet next week with Iranian President Hassan Rouhani when both are at the annual United Nations General Assembly.



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