18:20 16 September 2019
US: intelligence shows Iran involved in Saudi Arabia attacks
The Saturday attacks on refineries in Saudi Arabia have already caused an increase in oil prices in Asian markets. The incident has cut global oil supplies by 5% and prices have soared.
Analysts are concerned that oil will also become more expensive in other markets around the world. After the start of local session time on Asian commodity exchanges on Monday morning, the price of a barrel of the Brent crude oil increased by 18% on average, and the price of a barrel of West Texas Intermediate crude oil went up by 12%. As a result of the attacks, which the US authorities blame on Iran, daily oil production in Saudi Arabia fell by 5.7 million barrels, which is more than half.
The US has issued satellite images and cited intelligence to back its claim that Iran was behind the attacks on the Saudi refineries.
(PAP)
