Global oil prices spiked 20% when markets reopened on Monday, after a weekend attack on Saudi Arabia’s oil facilities suspended the production of 5.7 million barrels a day. That amounts to roughly 5% of the world’s total daily crude oil production.
State-run oil company Aramco said in a statement that work was underway to restore production.
The U.S. has blamed Iran for launching nearly a dozen cruise missiles and over 20 drones from its territory into a key Saudi oil facility on Saturday. Saudi authorities said the weapons were Iranian, but stopped short of blaming Iran directly for the attack.
The Houthi rebels in neighboring Yemen claimed responsibility for the assault, which hit one of the world’s largest oil processing facilities, hundreds of miles from the Yemen-Saudi border, and sharply impacted global oil supplies. Read more