Quantcast
Connect with us

Oil prices soar more than 10% after Saudi plant attacks

Published

on

Oil prices surged more than 10 percent Monday after attacks on two Saudi Arabian plants that slashed output in the world’s top producer by half, with Donald Trump blaming Iran and raising the possibility of a military strike on the country.

West Texas Intermediate jumped 10.68 percent to $60.71 and Brent climbed 11.77 percent to $67.31 in early Asia trading following the blasts at facilities run by state-owned giant Aramco.

ADVERTISEMENT

The attack by Tehran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, effectively shut down six percent of the global oil supply.

Brent soared almost 20 percent at one point on Monday, while WTI surged around 15 percent before paring the gains.

Trump said Sunday the US was “locked and loaded” to respond to the attack, while Secretary of State Mike Pompeo said: “The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression.”

Tehran denies the accusations but the news has revived fears of a conflict in the tinderbox Middle East after a series of attacks on oil tankers earlier this year that were also blamed on Iran.

ADVERTISEMENT

“Tensions in the Middle East are rising quickly, meaning this story will continue to reverberate this week even after the knee-jerk panic in oil markets this morning,” said Jeffrey Halley, senior market analyst at OANDA.


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

In extreme crises, conservatism can turn to fascism. Here’s how that might play out

Published

on

5 movie "Back to the Future," Marty McFly (played by Michael J. Fox) travels in a time machine from the 1980s to the 1950s. When he tells people of the '50s he is from the '80s, he is met with skepticism.

1950s person: Then tell me, future boy, who's President of the United States in 1985?

This article first appeared at Salon.com.Marty McFly: Ronald Reagan.

1950s person: Ronald Reagan? The actor? [chuckles in disbelief] Then who's vice president? Jerry Lewis [comedian]?

Continue Reading

Breaking Banner

Body language expert dissects the power dynamic at play in the iconic Nancy Pelosi photo

Published

on

Last week, President Donald Trump met with Democrats at the White House to discuss the way both sides could work to fix the President's mistakes in Syria. Democrats left the White House saying that the President had another meltdown during the meeting, which prompted Trump to claim Speaker Nancy Pelosi (D-CA) was the one who had a meltdown. He then posted photos of Pelosi sitting quietly and another photo of Pelosi standing and pointing at him.

Body language expert Dr. Jack Brown posted the photo and gave his own analysis of what he believed was happening in the photo.

"When a person has little or no empathy — and/or when they're far from their emotional baseline, their ability to interpret how others will view an event becomes dramatically distorted," Brown explained Sunday. "Rarely has this behavioral axiom been better exemplified than last Wednesday at the White House."

Continue Reading
 

Breaking Banner

Internet cracks up at possible fake Mitt Romney Twitter account — and wants him to ‘run against Trump as Pierre Delecto’

Published

on

UPDATE: Sen. Mitt Romney (R-UT) has confessed to the account being his. When an Atlantic reporter called to ask for comment and ask if he was the account, Romney replied, "C'est moi."

Slate reporter Ashley Feinberg wrote that she may have discovered a secret Mitt Romney Twitter account under the name Pierre Delecto.

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1 and go ad-free.
close-image