Oil prices rose sharply on Friday morning after Iranian state media said that two rockets had struck an Iranian tanker traveling through the Red Sea.

Some of investors’ concerns in the market is the decline in manufacturing numbers which may be attributed to the slowdown in the energy sector. Brian Sullivan explains.

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.

Oil slid after Iranian President Hassan Rouhani claimed Friday that the U.S. offered to remove all sanctions on Iran in exchange for negotiations. President Donald Trump and the State Department later denied those claims, causing oil to rebound from the lows.

Hadley Gamble has a special report as she visited the site of the recent Saudi Arabian oil production attacks and how repairs are now underway.

Repair work is underway at two Saudi Aramco oil facilities after predawn attacks on Saturday forced the kingdom to shut down half its total oil production.

The Pentagon on Thursday said the recent strikes on Saudi Arabian oil facilities were “sophisticated” and represented a “dramatic escalation” in tensions within the region.

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.

Oil prices retreated on Wednesday, extending the decline in the previous session after President Donald Trump said he ordered the Treasury Department to “substantially increase” sanctions on Iran.

Brian Sullivan reports from Houston where he attended a major energy conference and gets reaction from the industry on the recent attacks on the Saudi Arabia oil production facilities.

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 has “a great deal of explaining to do” on how it could not defend its “most critical” oil facility from drone attacks at the weekend, said Gary Grappo, former U.S. ambassador to Oman.

Joining us on set is John Kilduff, Founding Partner at Again Capital, who gives us his analysis on the oil sector after the Saudi oil strike.

An attack on the heart of Saudi Arabian oil production sends prices spiking and the impacts are being felt. What happens next for the global economy? Seema Mody reports.

President Donald Trump said Monday he’s in no rush to respond to a coordinated attack that hit Saudi Arabia’s oil industry over the weekend.