As a result of the attacks, the price of oil is likely to go up in the short term but should decrease in the long term thanks to reserves coming into the market, increased production by other countries taking advantage of higher prices, and the damaged Saudi facilities being repaired.
Iranian-allied Houthi rebels in Yemen, which Saudi Arabia are at war with, claimed responsibility, saying drones were launched in the attack.
Also on rt.com USA defense failure...
Secretary of State Mike Pompeo, who pointedly accused Iran of launching the attack on Saudi Arabia over the weekend, is heading to visit the kingdom this week, along with other US officials. It separately has acknowledged seizing oil tankers, the most-prominent one the British-flagged Stena Impero on July 19.
Over the weekend, there were attacks on the Saudi Arabian oil industry. But blaming Iran won't change that.
Mr. Trump has not ruled out a US response. So far, nothing is known about Iranian military or even "just" military experts in Yemen on the side of the Huthi.
Were The Huthis Capable Of Launching The Attacks?
Separately, Tehran has worked to grow a network of proxy forces in the Mideast.
Iran's President Hassan Rouhani speaks at parliament in the capital Tehran on September 3, 2019. This stern sentiment echoes that of the U.S., who very early on claimed to be in possession of evidence that proved Tehran was the source of the attack.
Russian Federation warns of war possibility after Saudi oil attacks
"Iranian officials, at any level, will never talk to American officials", Khamenei said, adding that Trump's attempt to link Iran to the drone attacks was "part of their policy to put pressure on Iran". Establishing numerous USA bases in the Persian Gulf region was never a cost-effective way of "defending" oil-the cost of the military forces ended up exceeding the value of Persian Gulf oil imported into the United States. And if Iran did give or sell more sophisticated weapons to the Houthis, perhaps it is simply responding to the United States welching on its commitment to the nuclear deal. Four days later, on May 12, the first mysterious attacks struck oil tankers off the Strait of Hormuz.
British Foreign Secretary Dominic Raab said, "We will work with worldwide partners to forge the widest and most effective response", with a statement from his ministry saying the "UK remains committed to supporting the security of Saudi Arabia".
Relations between the United States and Iran have deteriorated since U.S. President Donald Trump pulled out of the Iran nuclear accord previous year and reimposed sanctions on its oil exports.
Earlier, he had said the us was "locked and loaded". The Guard shot down the us drone on June 20. His remarks appear to end all speculation about a possible U.S. -Iran meeting between the two countries' presidents at the United Nations later this month. The U.K. did not abide American requests not ultimately not to release it.
"That's why all Iranian officials, from the president and the foreign minister to all others have announced that we do not negotiate [with the US] either bilaterally or multilaterally", he said. Iraq has denied that the attack came from there. On Tuesday, Saudi Arabia's oil ministry said the country will restore most of its oil output and fully recover by the end of month- much earlier than anticipated.
But Houthi drones typically detonate in the air or when they slam into a target, spraying out shrapnel like buckshot.
Riyadh asked worldwide experts to join its investigation, which indicates the attack did not come from Yemen, the foreign ministry said.
The images from Saturday's attack, however, show precise, deeply penetrating hits on structures at the oil processing facility.
Iranian state media on Tuesday conveyed a threat against the United Arab Emirates of attacks similar to the strike against a key Saudi oil processing facility that caused reverberations worldwide.
- The Cars frontman Ric Ocasek dies aged 75
- Calls Mount to Impeach Justice Kavanaugh After NYT Report on Sexual Misconduct
- Oil slips as market assesses fallout from Saudi attack
- New York To Ban Flavored E-Cigarettes Amid Lung Disease Alarm, Deaths
- Trump urges GM, union to reach deal as strike set to start
- Iran again rebuffs United States talk of Trump-Rouhani meeting
- 2,500 People Missing in Bahamas After Hurricane Dorian
- Roberto Firmino Assists Mohamed Salah For Liverpool With Audacious Flick Against Newcastle
- Hong Kong Protests: Police fire blue-dyed water and tear gas
- Oil rises as new Saudi minister commits to output cuts