The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.
U.S. oil production and exports have grown so much that U.S. supply is helping put a lid on the oil rally, following attacks that knocked out more than half of Saudi Arabia's production.
An employee walks past crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018.is helping cap a spike in crude prices following attacks on Saudi Arabian oil facilities, but the price could go sharply higher, depending on the duration of the disruption and whether it escalates into a military conflict.
Oil prices initially spiked nearly 20% in trading Sunday evening but were up just about 12% in U.S. trading Monday, the biggest one-day move since Feburary, 2016. Brent was trading at $67.48, up 12%. Houthi rebels, aligned with Iran, claimed responsibility for the attack, but Secretary of State Mike Pompeo said Iran was responsible. Saudi officials reported finding evidence of Iranian weapons. President Donald Trump presided over a national security meeting at the White House Monday morning on the topic of Iran, NBC News reported from sources.
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