Drone attack adds lead to Saudi oil supply: Darcy cartoon

17 Septembre, 2019, 21:16 | Auteur: Auguste Feret

The Wall Street Journal, citing unnamed sources, reported that the intelligence report-that was not shared publicly-indicated that Iran raided the massive oil field with at least a dozen missiles and 20 drones.

However, U.S. Secretary of State Mike Pompeo has blamed Iran for the weekend ambush on the oil plants that affected about 5 percent of the daily global oil supply.

In the futures market, backwardation (spot price at a premium to futures price) in the Brent crude 6-month futures curve has spiked to its highest since September 2013, a time at which Brent crude futures were trading above $100/bbl.

Brent crude was down 36 cents, or 0.5 per cent, at $68.66 a barrel at 0930 GMT, and West Texas Intermediate was down 57 cents, or 0.9 per cent, at $62.33 a barrel.

Iran's President Hassan Rouhani said the attacks were carried out by Yemenis in response to Saudi-led attacks.

"All eyes will be on the Saudi news conference", said Samuel Ciszuk, founding partner at Stockholm-based ELS Analysis.

"We need a proper damage assessment, we need to see a recovery plan".

Hong Kong tries and fails to hire PR firms to rebuild image
"But sooner or later we will have to do it, because I have every confidence in Hong Kong's fundamentals". Several other things said by Chan lined up with the Chinese government's narrative around the protests.

Brent Crude prices jump 12% post attack on Aramco
As of 1.39am GMT, Brent oil eased to gain by 11.13% at US$66.42 per barrel, according to IG data . The kingdom is the world's biggest oil exporter, shipping more than seven million barrels daily.

Trump Says Iranian Leadership 'Wants To Meet'
In July, Iranian authorities seized a UK-flagged tanker in the Strait of Hormuz, prompting sharp criticism from the White House. President Donald Trump has once again signaled that a meeting with President Hassan Rouhani in September is a possibility.

Trump said "we pretty much already know" but that Washington still wanted more proof.

American officials released satellite images of the damage at the heart of the kingdom's Abqaiq processing plant and a key oil field, and two U.S. officials said the attackers used multiple cruise missiles and drone aircraft.

Iran was the staging ground for the weekend attacks on the massive Saudi Arabia oil field, according to US intelligence that was shared with the kingdom, a report said.

"All indications are that weapons used in both attacks came from Iran", rather than Yemen, coalition spokesman Turki al-Maliki told reporters in Riyadh, adding that an investigation was underway.

Tehran rejects the charges it was behind the strikes and on Tuesday ruled out talks with Trump.

Saudi King Salman meanwhile called on governments around the world to confront the threats to oil supplies.

Khamenei said the United States wants to prove its "maximum pressure policy" against Iran is successful.

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