Oil Prices Rise After Drone Attack Of Pumping Station In Saudi Arabia

A motorist holds a fuel pump at a Gulf petrol station in London

"These attacks prove again that it is important for us to face terrorist entities, including the Houthi militias in Yemen that are backed by Iran", he said.

The drone attack, according to the statement, occurred between 6:00 am. and 6:30 am.

Khalid al-Falih said on Tuesday that two oil pumping stations for the East-West pipeline had been hit in what he called "an act of terrorism" that targeted global oil supplies.

Saudi Aramco, the government-controlled oil company, said that as a precaution, it temporarily shut down the East-West Pipeline and contained the fire, which caused minor damage to one pumping station.

Elsewhere, the International Energy Agency said the world would require very little extra oil from the Organization of the Petroleum Exporting Countries this year as booming USA output will offset falling exports from Iran and Venezuela.

The attack came soon after four commercial vessels of various nationalities had been targeted by acts of sabotage off the emirate of Fujairah.

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The Emirati foreign ministry said that there were no injuries or fatalities as a result of the explosions, and that no oil or harmful chemicals were spilled as a result.

Saudi security servicemen have also thwarted attacks which sought to blow up an oil pipeline in the Al Duawadimi district in Riyadh.

Yemen's Al-Massirah TV channel quoted military source as saying that seven Yemeni drones staged strikes against vital Saudi facilities.

Scarce information about the nature of the alleged attacks has been made available, however.

No casualties were reported and none of the vessels sank.

The Associated Press said that Emirati officials had declined a request for its journalists to be permitted to approach the vessels up close by ship and inspect the damage.

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However, an official familiar with American intelligence said that Iran was a leading candidate for having carried out the attacks but that the USA did not have conclusive proof to confirm this.

"With rising tensions between Iran and the US, and with significant naval build-up in the region, markets are sensitive to news and can be tipped by the smallest signs of a conflict", said Mihir Kapadia, CEO of Sun Global Investments.

"We. talked about the policies that hardliners in the U.S. administration as well as in the region are attempting to impose", Zarif told Iranian state TV in India after a bilateral meeting with Sushma Swaraj.

"Was it a torpedo?"

Iranian officials have said that they could reach 20% enrichment within four days. Reports found the port operating normally on Tuesday despite elevated security warnings.

The Gulf Cooperation Council condemned the tanker sabotage on Monday as a "serious escalation" that could "increase tensions and conflict in the region and jeopardize the interests of their peoples".

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The U.S. Energy Department said on Monday that it was confident global oil markets are well supplied. "We'll see what happens with Iran".

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