It comes as tensions between Tehran and Washington escalated after a weekend drone attack halted production of half of Saudi Arabia's oil supplies. Brent crude, the global standard, surged $6.02 per barrel, or 10%, to $66.25 per barrel.
Benchmark oil futures jumped as much as $11.73 a barrel to $71.95 as markets opened, the largest ever rise in dollar-terms since futures started trading in 1988.
The president wrote that he had authorized the release of oil from the Strategic Petroleum Reserve, "in a to-be-determined amount sufficient to keep the markets well-supplied".
Saudi Arabia exports more than 7 million barrels of crude oil every day, much of that to Asia, but about 47% of what it sends to the United States goes to the West Coast.
The Saturday attacks shut down production on roughly 5% of the world's daily production of crude oil, equal to about 5 million barrels. This grade is described as light because of its relatively low density, and sweet because of its low sulphur content.
"A supply disruption on this scale is an extraordinary event", said Pavel Molchanov, an oil analyst with Raymond James. "I think it's very clear this was the Iranians".
Saudi Arabia was on Monday expected to restore at least a third of the production lost to the attacks, according to experts and reports.
Yemen's Iran-backed Houthi rebels have claimed responsibility, but the USA has accused Iran of launching the assault.
"There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom", Trump said Sunday evening referring to the Kingdom of Saudi Arabia.
The United States exports about 3 million barrels of oil a day and could boost those shipments further.
In an escalating series of moves, Tehran has sought to counter or undermine those sanctions - attacking a handful of oil tankers, seizing others and their crews and assaulting Saudi oil facilities, according to USA officials.
U.S. pump prices are likely to rise in coming days as gasoline futures spiked by more than 10% on Sunday trading, analysts said. But, you know, that may be sidelined now with these strikes, especially if the U.S.is seen as blaming Iran for these attacks in Saudi Arabia.
ANZ Research said in a note that the market would price in "a sizable global geopolitical risk premium".
Tensions have been high since Trump withdrew the US from the Iran nuclear deal in May 2018 and strictly reimposed sanctions, including on Iran's oil industry - its economic lifeblood.
Two sources briefed on the operations of state oil company Saudi Aramco told Reuters it might take months for Saudi oil production to return to normal.
Asked about the possibility of a retaliatory attack against Iranian oil assets, as suggested by Senator Lindsey Graham, a South Carolina Republican close to the United States president, Conway said the Trump administration is keeping "many options on the table".
The Iran-aligned Houthi movement that controls Yemen's capital claimed responsibility for the attack, which damaged the world's biggest crude oil processing plant.
An Iranian Foreign Ministry spokesman, Abbas Mousavi, said on Sunday that Pompeo's statements were "obscure and meaningless" for diplomatic progress, the semiofficial Tasnim news agency reported.
A senior USA official told media, including Reuters, that evidence indicated the attacks were launched from west or northwest of the facilities, the direction of Iran. But a long outage would make markets subject to swings that could potentially destabilize the global economy.
However, the authorities ensured that the said people who were trapped were helped immediately and quickly removed from the site. At least two large decks on the seven-unit building in Wildwood, N.J., pancaked onto the ground around 6 p.m.
Hurricanes that are Category 3, 4 or 5 are considered major hurricanes capable of causing devastating or catastrophic damage. Tropical Storm Humberto is moving away the Bahamas right now after hitting the same areas devastated by Hurricane Dorian .
Clijsters, who now has three children, left the tour again in 2012 and has been working as a television broadcaster. But just when we thought she was ready to wrest the throne for good, injuries struck with a vengeance.
However, the former couple has a daughter named Lea De Seine. " We're incredible buddies", she informs United States Weekly. There were rumors that Lady Gaga was the possible reason behind the breakup, but the rumors were later dismissed.
UAW Vice President Terry Dittes said in a statement Sunday: "We stood up for General Motors when they needed us most". Employees at large firms nationwide pay about 34 percent, according to the Kaiser Family Foundation.
Secondly, the Jaguars have already picked up Ramsey's fifth-year option which comes with a large-cap hit of $13.7 million in 2020. After that drive ended, Marrone and Ramsey got into a nose-to-nose argument on the sideline. "Those things happen.
Il n'a tué personne! "Mais de la prison.", s'indigne une commerçante du centre-ville, qui souhaite rester anonyme. Voici la condamnation complète de Patrick Balkany , emprisonné sans mandat de dépôt dès ce vendredi 13 septembre.
After the game, Neymar said he didn't exactly blame the fans, but he understood what it was going to be like moving forward. I don't want to judge their behaviour, it's like that. "He can play better, with more dribbling and more accelerations".
Kingsbury has said he'd like the offense to have some balance, but on Sunday the Cardinals threw 40 times and ran just 11 times . The loss follows the Cardinals' come-from-behind 27-27 tie against the Detroit Lions in last weekend's regular-season opener.
In a heartbreaking post, he wrote: "It's 5:32 in Hawaii, this is the time she would wake up to go hike Koko Head mountain". Beth was diagnosed with stage II throat cancer in 2017 but by December of that year was announced to be cancer free.
Countries will be drawn into one of six groups on Monday when the official draw is held at the Sydney Opera House. Serbia leads the current rankings, with Spain second, Switzerland third and Russian Federation fourth.
Iran seizes vessel in Gulf 'for smuggling diesel fuel'
An official told the Fars news agency that the ship was smuggling 250,000 liters (66,000 USA gallons) of diesel. Iran is still holding a British oil tanker, the Stena Impero, for allegedly violating worldwide maritime rules.
Tropical Storm Humberto expected to strengthen
The storm's maximum sustained winds are 65 miles per hour and it is moving at 7 miles per hour , according to the center. Just two weeks after Hurricane Dorian devastated parts of the Bahamas, residents had to once again prepare for a storm.
Storm advance in WNBA playoffs
Seattle was led by Jordin Canada's 26 points, while Napheesa Collier led the Lynx with 19 points on 8-11 shooting. Western Conference, 4-1 ATS in their last 5 Sunday games and 4-1 ATS in their last 5 games overall.
Iron Man deleted scene
The film Avengers: Endgame's Russo Brothers have in a candid interview to Toronto Sun , spoken about Spider Man's exit from MCU. Still, it seems like this scene cleverly got around those issues by not outright naming Spider-Man or the X-Men, specifically.