Tensions in the Middle East have escalated following drone attacks on two major oil facilities in Saudi Arabia.
The pre-dawn attacks on Saturday knocked out more than half of crude output from the world’s top exporter – five percent of the global oil supply – and cut output by 5.7 million barrels per day.
Yemen’s Houthi rebels, who have been locked in a war with a Saudi-UAE-led coalition since 2015, claimed responsibility for the attacks, warning Saudi Arabia that their targets “will keep expanding”.
US Secretary of State Mike Pompeo is set to meet Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS) in Jeddah to discuss the weekend’s attack and to coordinate efforts against it.
Saudi Arabia has reassured global markets that oil production will soon be restored, with the focus now turning to who did it and what action will be taken.