Oil Prices Jump After Saudi Arabia Claims Drone Attack on Pumping Stations

Oil prices climbed Tuesday after Saudi Arabia claimed “armed drones” attacked two pumping stations in the country. Analysts say the price increase was not as severe as it would have been normally, being partially muted against a decline in oil prices from fears of the growing trade war between the US and Chinese governments.

Saudi Aramco said the attack caused “no damage to oil production, no oil spills or injuries.” The global benchmark for oil Brent crude jumped 1.6% and US oil prices rose 1.4%.

The claims of a drone attack comes just a day after Saudi Arabia claimed two of its oil tankers were sabotaged off the coast of the UAE.

Last week, the US government announced the deployment of warships and bombers to the Middle East.

 

 

Photo: “No Gas” by Tim Vrtiska is licensed under CC BY-ND 2.0

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