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Natasha Turak, CNBC.com’s Posts
Saudi Arabia’s Crown Prince Mohammed bin Salman has warned of astronomical oil prices in the event that tensions escalate in the Persian Gulf, two weeks after his country was hit by a drone and cruise missile attack that Riyadh and Washington have blamed on Iran.
Questions have abounded all week as to how Saudi Arabia, the planet’s third-highest defense spender and steward of the world’s largest oil facility, allowed itself to fall victim to a drone and missile attack that wiped out half of its crude production in a day.
Satellite photos released by the U.S. government and DigitalGlobe reveal the surgical precision with which Saudi Aramco’s oil facilities were struck in attacks early Saturday morning.
Saudi Arabia’s crude shipments to China have doubled in the span of a year. During the same period, its oil exports to the U.S. have dropped by nearly two-thirds.
Iran will surpass the internationally agreed limit on its low-enriched uranium stockpiles in 10 days, the country’s atomic energy body said Monday.
Oil prices jumped as much as 4% on Thursday following attacks on tanker ships off the coast of Iran, renewing fears of conflict in the Middle East following a series of strikes last month.
Global investing maven Mark Mobius had unforgiving words for the U.K.’s leadership ahead of crucial Brexit votes this week.