Fears for global oil prices after drone attack on Saudi refineries

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Fires burn at the Abqaiq oil processing facility in Saudi Arabia.

The world’s oil supply has suffered a major blow after a drone attack on Saudi oil refineries took out half of the country’s oil production. The United States is blaming Iran for the attack which could result in an increase in prices and pain at the bowser.

Explosions light up the sky across Saudi Arabia as two of its biggest refineries burn out of control.

The rebels from Yemen claimed 10 drones were used to take out the oil plants which account for half of Saudi Arabia’s oil production. The White House has long believed Iran is funding the group responsible.

Iran destabilizes this entire region. It supports proxy. Militias and terrorist groups. In Arms. It is an arms dealer of the Houthi rebels in Yemen. Secretary of State Mike Pompeo said.

Today Secretary of State Mike Pompeo called on all nations to hold Iran accountable for its aggression. The strike follows months of hostilities from Tehran although earlier this week Donald Trump had said sanctions on the country could be eased.

The latest attacks are also bad news for the world’s drivers with the prospect of a petrol price hike. The refineries hit are responsible for 5 percent of the world’s oil supply.

And all eyes will be on the cost per barrel when US markets reopen following the weekend the rebels have previously targeted other Saudi oil installations and oil tankers in Gulf waters. Saudi officials say exports are continuing but the who these are promising more attacks. The group’s spokesperson saying are coming operations will only grow wider and will be more painful than before so long as their aggression and blockade continues