Published: Fri, September 20, 2019
Global News | By Blake Casey

'Saudi oil output to recover in two or three weeks after attack'

'Saudi oil output to recover in two or three weeks after attack'

Saudi Arabia on Wednesday displayed remnants of what it described as Iranian drones and cruise missiles used in the attack, calling them "undeniable" evidence of Iranian aggression.

Iranian-allied Houthi rebels in Yemen, which Saudi Arabia are at war with, claimed responsibility, saying drones were launched in the attack.

Relations between the United States and Iran have deteriorated since US President Donald Trump pulled out of the Iran nuclear accord past year and reimposed sanctions on its oil exports.

After the attacks, US President Donald Trump said the White House believed it knew the culprit of the strikes, and the US military was "locked and loaded" to take action. "But the president, seeking a narrowly focused response that wouldn't draw the U.S. into broader military conflict with Iran, asked for more options", the report said, quoting people who were briefed on the meeting.

However, there are fresh worries about the impact on the already stuttering world economy from the Saudi oil attacks on Saturday.

But Iran's Defense minister Brigadier General Amir Hatami said Tehran had no involvement in the attacks, Tasnim news agency reported.

Iranian President Hassan Rouhani said the attack had been mounted by Houthis in retaliation for Yemen's war, which he blamed on the U.S. and a Saudi-led military coalition.

"We can not rule out the possibility of similar attacks on key Saudi energy infrastructure in the future", said UBS's Staunovo.

"There are still those today who think, 'Boy, if we just give Iran just a little bit more money they'll become a peaceful nation, '" he said. It is managed by the U.S. Department of Energy.

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Iran has denied the charges. But as tensions have risen, the US has put increasing restrictions on Iranians like Zarif.

United Nations officials monitoring sanctions on Iran and Yemen were also heading to Saudi Arabia to investigate.

"The policy of "maximum pressure" against the Iranian nation is worthless and all Islamic Republic of Iran officials unanimously believe there will be no negotiations with the USA at any level", he said in a televised address.

Trump began that campaign after unilaterally pulling out of a 2015 global deal meant to reward Iran for allowing restrictions on its nuclear industry.

In the event of an outage at current levels of two to six weeks, the USA investment bank said it expected the price move would be between $5 and $14 a barrel.

"No knee jerk reactions to this - it's very systematic - what happens with patience is it prevents stupid moves", said the source.

Marine Gen. Joseph Dunford, chairman of the Joint Chiefs of Staff, said Tuesday that USA military experts were in Saudi Arabia working with counterparts to "do the forensics on the attack" - gleaning evidence that could help build a convincing case for where the weapons originated.

Even though the Iranians showed little sign of being ready, Trump aides and Trump himself hinted at openness to at least an informal encounter during the UN General Assembly in NY next week. The volatile situation in the region finally boiled over earlier this year as U.S. President Donald Trump used sanctions to attempt to choke off all of Iran's oil exports - the lifeblood of its economy - after unilaterally withdrawing from an global nuclear deal.

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