Iran’s foreign minister has warned that any attack on his country over a drone and missile strike on Saudi Arabia’s oil industry will result in “all-out war”, further increasing tensions across the Persian Gulf.
Secretary of state Mike Pompeo has said the US backs Saudi Arabia’s “right to defend itself” after a weekend attack targeted the heart of its oil industry”
Saudi Arabia has claimed Iranian cruise missiles and drones were used to attack the kingdom’s oil industry, showing journalists the remains of the weapons but stopping short of directly accusing Tehran of launching the assault.
Iran has warned the US that any action against it after an attack on Saudi oil installations will “immediately” be met with a response from Tehran, its state-run news agency has reported.
Saudi Arabia’s energy minister has said 50% of its daily crude oil production cut by a weekend attack has been restored.
The tensions in the Gulf following the drone attacks on oil installations in Saudi Arabia have put pressure on prices.
With little detail flowing out of Saudi Arabia after drone attacks on a refinery and oil field over the weekend, traders in London were noticeably nervous as they awaited further details.
Initial investigations show Iranian weapons were used in the weekend attack on Saudi Arabian oil installations, a Saudi military spokesman has said.
The price of oil soared in early trading on Monday following the drone attach on Saudi Arabia’s Aramco facility over the weekend, with single day jumps not seen since Saddam Hussein invaded Kuwait in the 1990s.
Saudi Arabia’s energy minister has confirmed that drone attacks on its oil facilities knocked out about 50% of the country’s production.
Saudi Arabia’s new energy minister says producers “have to share responsibility” to balance the market.
Oilfield firm Petrofac said it expected revenues to decline next year, as fraud investigations continue into its contract dealings in Saudi Arabia and Iraq.
Oil has started flowing from one of the most complex developments in the North Sea.
Fuel prices rose in July, with the cost of both diesel and petrol up as the pound lost three per cent on the dollar, latest figures reveal.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.
BP has posted a drop in half-year profits, but delivered better-than-expected second-quarter earnings after higher production offset lower oil prices.