Published: Thu, September 19, 2019
Markets | By Otis Pena

Sen. Risch: 'Hard to look the other way' on Iran drone attack

Sen. Risch: 'Hard to look the other way' on Iran drone attack

Saudi Energy Minister Prince Abdulaziz bin Salman announced Tuesday that Saudi oil production would be fully restored by the end of the month, reducing concerns about a major oil supply disruption after brent crude futures jumped almost 20 percent on Monday. It appears to be a startlingly swift rebound for such a massive attack.

Brent crude oil futures were flat at $64.55 a barrel by 0732 GMT. Supply is growing and demand is weak.

FILE - Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman gives a press conference in the Red Sea coastal city of Jeddah, Sept. 17, 2019.

Iran has repeatedly denied it was behind the strikes.

"We're seeing Saudi refinery capacity and production capacity coming back fairly quickly, but we're not totally out of the woods on these increases yet", said Murphy. "This would justify a higher risk premium on the oil price".

Tehran-linked Houthi rebels in the kingdom's southern neighbor Yemen have claimed responsibility, but both Washington and Riyadh have ruled that out.

In the meeting, MBS told Pompeo the attacks on state oil company Saudi Aramco were aimed at destabilising security in the region and damaging the global supply of energy.

Iran's Foreign Minister Mohammad Javad Zarif, himself under USA sanctions since July, described the sanctions as "illegal" and "inhuman".

After a firestorm erupted in Washington surrounding Trump's decision to essentially hand over USA foreign policy and military decision-making to the Saudi monarchy, he backtracked.

And Iran's semiofficial Iran Front Page website reported that 200 frigates and speedboats will take part in a September 22 parade in the Gulf to mark the beginning of Iran-Iraq war. "No, I haven't. No, I haven't".

"France has been floating the 15 bln credit line and there's no way I could see the Trump administration letting that happen now", the former official said. "We have to sit down with the Saudis and work something out".

"We are working to know the exact launch point", Maliki said.

Saudi oil attacks

The conflict between Iran and Saudi Arabia has been brewing for years, but it is no longer contained.

The whiplash in the American position continued.

Iranian Defense Minister Amir Hatami earlier said that the issue was very clear: "There has been a conflict between two countries", referring to Yemen and Saudi Arabia, which is leading a military coalition that has been battling the Huthis since 2015.

"The attack was launched from the north and unquestionably sponsored by Iran", Saudi Colonel Turki al-Malki said.

This attack demonstrates yet again that Iran can not be ignored or dismissed.

But Le Drian cast doubt on the ability of the Houthis to carry out an attack of that scale and range from Yemen. Trump responded on twitter: "No Lindsey, it was a sign of strength that some people just don't understand!" The warning letter was issued to the United States via Switzerland as reported by Reuters.

Pompeo blamed Tehran for the attack, calling it "an act of war" against the kingdom.

If these acts of aggression are overlooked, the world will turn into a jungle with even more insecurity, especially after the failure of the carrot-and-stick approach with the Iranian regime.

July 2018 - a drone detonated at Abu Dhabi airport causing minor damage, but sent a message to the UAE-involved in the war against the Houthis-that they are not invulnerable.

This scenario has always been absent from the policy of dealing with the revolutionary Iranian state, allowing it to penetrate the worldwide community under false pretexts, threaten the security and stability of the world, and launch ballistic missiles at its neighbors, in an unprecedented violation of basic rules of the global system.

In the interim, Trump announced a tightening of sanctions on Iran.

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