Drone attack adds lead to Saudi oil supply: Darcy cartoon

World crude prices soared to levels not seen since the 1991 Gulf War after the strike on Saudi oil facilitiesMore

The president also tweeted he had authorized the release of oil from the U.S. Strategic Petroleum Reserve, "if necessary", to minimise the effect of the strikes on global oil markets and keep pressure on Iran.

Oil prices sees over a 6 standard deviation move. Officials said the photos show impacts consistent with the attack coming from the direction of Iran or Iraq, rather than from Yemen to the south. Locked and loaded to dodge getting into a military conflict over the drone attack with Iran, who it holds responsible. Despite the Houthi claim, the launch site was still being determined. Experts describe Iran as relying on so-called nonattributable attacks, when blame is hard to assign given the circumstances.

The reasons for this are severalfold.

Riyadh has said Iranian weapons were used, but stopped short of blaming Tehran directly. Its air force remains replete with pre-revolution, American-made F-4s, F-5s and F-14s, as well Soviet- fighter jets.

But hours before Trump's tweet, senior USA officials said satellite imagery and other intelligence showed the strike was inconsistent with one launched from Yemen.

"If SA responds against Iran attacks, the U.S. should be ready to support in a non-kinetic role", he said in a tweet. Attacks claimed or attributed to these groups may have involved Tehran directly or indirectly, analysts say.

Trump affirmed he was ready to help its ally Saudi Arabia after the attacks that triggered a record leap in world oil prices.

Trump offers support to Saudi crown prince for Kingdoms self-defense
Teodoro Locsin Jr earlier said the oil field attack could affect the Philippines "deeply" since it could choke supply and cause prices to rise.

Ahead of United Nations meeting, Iran's Supreme Leader Ayatollah Ali Khamenei said "there will be no talks with the USA at any level", the Associated Press reported.

Tensions between Iran and the United States and its allies have threatened to boil over since May a year ago when Trump abandoned a 2015 nuclear deal and began reimposing sanctions in its campaign of "maximum pressure". Four days later, on May 12, the first mysterious attacks struck oil tankers off the Strait of Hormuz. "The original reaction was that 100% would come back very quickly, now the outlook is going to be a lot more conservative than that". A video later released by the US military appeared to show Iranian forces removing a magnetic bomb, known as a limpet mine, from the Japanese vessel, something never explained by Iran. The Guard shot down the US drone on June 20. Iran's leader has now ruled that out, saying Iran would only speak to the Americans if the USA "backs off and repents, and implements the nuclear deal from which they have withdrawn". "That was an attack on Saudi Arabia, and that wasn't an attack on us".

Sterling dropped Monday after European officials said British Prime Minister Boris Johnson had offered no new, viable ideas to break the Brexit impasse during talks with EU chief Jean-Claude Juncker. Iraq has denied that the attack came from there. That in theory could put the plant and the oil field struck Saturday in range.

But Houthi drones typically detonate in the air or when they slam into a target, spraying out shrapnel like buckshot.

Oil markets are grappling with uncertainty over how long it will take Saudi Arabia to restore output after the devastating attacks that knocked out five percent of global crude supply.

Three people close to the Saudi Arabian energy ministry cautioned, however, the report by Reuters, which cited unnamed sources, was optimistic and did not fully account for the severity of the damage at the Abqaiq facility.

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