Oil Price soars, war looms large

Oil Price soars, war looms large

The Oil prices hit their highest in four months after two Iranian sponsored attacks on Saudi Arabian facilities on Saturday knocked out more than 5% of global supply triggering the possibility of all-out war between Saudis and Iran with US joining hands with the Saudis.

Thismorning Brent crude jumped 19% to $71.95 a barrel, while the other majorbenchmark, West Texas Intermediate, rose 15% to $63.34. Prices eased backslightly after US President Donald Trump authorised the release of US reserves.

Meanwhile, in Saudi Arabia, the biggest refining installations are continuously on fire for the second day after the Iranian backed Yemen based terrorists attacked the Aramco refineries with a drone.

Anangry US President Donald Trump said Sunday that the United States was preparedto respond to the devastating attacks on two oil installations in Saudi Arabiathat halved the state oil company's production output, while Iran rejected USaccusations that it was responsible.

"There is the reason to believe that we know the culprit," Trump said in a tweet Sunday evening. He said the United States was "locked and loaded depending on verification."

Trumpdid not name Iran, as Secretary of State Mike Pompeo had on Saturday, nor specifywhether he was contemplating a military response. He said he was waiting tohear from the Saudis on "who they believe was the cause of this attack,and under what terms we would proceed!"

Trumpadministration was contemplating what US officials characterized as a seriousmilitary response, though some in the Pentagon were said to be urgingrestraint.

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