Oil

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.

U.S. Secretary of Energy Rick Perry said it is time to form a coalition of countries to address Iran’s “malign” activity.

President Donald Trump said the United States is “locked and loaded” after an attack on Saudi Arabia’s oil supply, but his administration is waiting on Riyadh to determine who launched the strikes before proceeding on a course of action.

Attacks on two critical production facilities in Saudi Arabia over the weekend have boosted concerns about supply security in the Middle East and raised the risk premium in the global crude market, according to several energy market analysts.

An extended Saudi oil outage could push Brent crude prices north of $75 per barrel as the historic attack on the country’s processing plant disrupts one of the globe’s largest energy supply chains, Goldman Sachs warned clients.

China’s plan to put tariffs on U.S. crude oil shows it is willing to take more economic pain in the trade war than some in the markets have expected, according to a Bank of America Merrill Lynch’s commodities analyst.

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.