Attacks on crucial oil sites in Saudi Arabia Saturday threaten to renew tensions in the Gulf amid hopes for diplomatic progress between the US and Iran.
Iran has also seized a number of foreign vessels in the Strait of Hormuz, placing the world's oil supply at the heart of the simmering regional tensions.
Saudi Arabia raced Sunday to restart operations at the oil plants after the attacks slashed its production by half.Pompeo said Saturday the U.S. will work with its partners and allies to ensure energy markets remain well supplied amid fears the attacks could lead to a temporary loss of more than five percent of global supply.
“Not only have we lost oil production from Saudi Arabia, the market is now anticipating that there may be a retaliatory attack or an impact on Iran," Andrew Lipow, president of Lipow Oil Associates, told NBC News. A senior Trump administration official told NBC News Saturday that the attack, involving supplies vital to the global economy,"is one of the most provocative in a 40-year pattern of escalatory violence" from Tehran.Pompeo’s claims about Iranian culpability did spark criticism from some back home., D-Conn, who sits on the Senate Foreign Relations Committee.
Yemen's Saudi-aligned government said the attacks were “a serious threat not only to the Kingdom but to the security and stability of the region as a whole.”Charlene Gubash, Mo Abbas and Reuters
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