Saudi oil attack puts Gulf on the brink of a shooting war

World

Saudi oil attack puts Gulf on the brink of a shooting war

The lesson is that Iran won’t back down, but neither will Trump as global oil markets now have to price in fresh havoc

Clyde Russell

The attacks on Saudi Arabia’s oil facilities have done more than knock out about 5% of global crude supplies, they have provided myriad lessons for all involved.

There is still a high level of uncertainty as to who, what and how exactly Saturday’s attacks were carried out on Saudi Aramco’s facilities, including the huge crude-processing plant at Abqaiq.

But what is certain is that 5.7 million barrels per day (bpd) of production has vanished and geopolitics is back driving the oil market...

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