It believes it knows who was behind the attack on Saudi, with leaves world without spare oil capacity.
The United States believes it knows who was behind the attacks on Saudi oil facilities and is “locked and loaded,” but is waiting for verification and for a Saudi assessment of responsibility before deciding how to proceed, US President Donald Trump said.
Brent crude futures jumped more than 19 percent to a session high of US$71.95 a barrel at the opening, while US crude futures surged more than 15 percent to a session high of US$63.34 a barrel. Both benchmarks rose to the highest since May. Aramco gave no timeline for output resumption. A source close to the matter told Reuters the return to full oil capacity could take “weeks, not days.”
“Even if the outage normalises quickly, the threat of sidelining nearly six percent of global oil production is no longer a hypothetical, a black swan or a fat tail. Welcome back, risk premium.” “The damage to facilities at Abqaiq and Khurais appears to be extensive, and it may be weeks before oil supplies are normalised,” Kumar said.
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