U.S. 'locked and loaded' after blaming Iran for Saudi oil attack

US 'locked and loaded' after blaming Iran for Saudi oil attack

Energy prices spike after Saudi oil attack, US blaming Iran

However, American officials claim Iran, Saudi Arabia's regional rival, is to blame. He warned that Iranian missiles could strike any USA base or ships within 2000 kilometers of Iran.

Randy Ollenberger, managing director of oil and gas equity research at BMO Capital Markets, says Canadian stocks were low-cost before the attack Saturday and remain a bargain.

What happened in Saudi Arabia?

Canada sits on the world's third-largest oil reserves after Venezuela and Saudi Arabia.

You can't ignore attacks on the largest petroleum facility on the planet ...

Oil prices surged by as much as 19 per cent before coming off peaks.

"Part of the irony is we could be producing a million barrels a day more by now had we had some of these pipelines and that certainly would have helped deal with some of the lost volumes here with the outage", said Ollenberger.

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Who took responsibility for the attacks?

A Saudi-led coalition has been battling Iran-backed Houthi rebels in Yemen for over four years, with the Houthi's carrying out several cross-border missile and drone attacks.

What began as a civil war between the rebel Houthis and the Saudi-backed government escalated into an air war led by the Saudis and into a full-blown ground invasion in 2015. The United Nations has described the situation as the worst humanitarian crisis in the world, and said in a 2019 report that the conflict is expected to be responsible for 233,000 deaths through this year. The Houthi rebels have links to Iran.

The Houthis have used drones since the start of the conflict, including models that are similar to Iranian drones. The United States has blamed Iran, which denied responsibility.

Iran subsequently attempted to shoot down a USA drone arriving at the scene of the attacks, according to a Fox News report that cited a senior US official.

"There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!" Trump's tweets came after a White House National Security Council meeting that included Pompeo as well as Vice President Mike Pence and Defense Secretary Mark Esper.

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Foreign Ministry spokesperson Abbas Mousavi called the USA accusations of Iranian involvement in Saturday's attacks "unacceptable and entirely baseless".

How is the incident affecting oil prices?

Reassurance over supplies came from elsewhere too, with Russian Federation suggesting there was enough oil in reserve globally to cover any shortage from Saudi Arabia "in the mid-term" and ruling out an immediate increase in production levels.

Saudi Aramco's full return to normal oil output volumes "may take months", two sources said on Monday. The country was responsible for about 12% of the world's oil production in 2018, according to the U.S. Energy Information Administration. West Texas crude, the USA benchmark, increased by about 8%. That is a large supply of stored oil that the US holds in the event of an emergency.

Analysts expect oil prices to rise by $5 to $10 (€4.50 to €9) per barrel when markets reopen on Sunday night (US time).

Those price increases may eventually trickle down into the cost of gasoline for cars and other vehicles.

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