The 20 per cent surge in the oil price this morning is the biggest intraday move since the Brent crude contract was created in the 1980s, according to financial analysts Bloomberg.
American officials released satellite images of the damage at the heart of the kingdom's crucial Abqaiq oil processing plant and a key oil field, and two US officials said the attacker used multiple cruise missiles and drone aircraft.
"We expect the IEA and U.S. DOE to also release strategic stocks to fill the gap if the Saudi outage is prolonged", it said, referring to the International Energy Agency and the U.S. Department of Energy.
The price of oil saw a massive price spike Monday following what are believed to be drone strikes on Saudi oil facilities over the weekend that has shut off more than half of the kingdom's daily exports, or about 5% of the world's crude production.
That announcement somewhat eased oil prices which had surged by as much as 19 percent before settling down to over 10 percent higher later on Monday. USA gasoline and heating oil similarly were up over 8% and 7% respectively before markets opened in NY.
'This was a very serious attack on Saudi Arabia and the oil installations and it has implications for global oil markets and supply.
Oil prices are surging to record numbers after a weekend attack on a Saudi Arabian oil field that forced the kingdom to cut its total oil output in half.
The world's richest countries have oil reserves of more than 2 billion barrels, but releasing those to alleviate supply concerns could potentially backfire and result in higher prices on the market as traders worry that there is a problem with tight supply, said Burkhard. The conflict is largely seen in the region as a proxy war between Saudi Arabia and Iran. "There's no other candidate", a USA official said on Sunday, speaking on condition of anonymity.
Mr Trump has said his goal is to force Iran to negotiate a tougher agreement and has left open the possibility of talks with President Hassan Rouhani at an upcoming United Nations meeting.
Iran dismisses USA allegation it was behind Saudi oil attacks
US officials previously alleged at least one recent drone attack on Saudi Arabia came from Iraq, where Iran backs Shiite militias. Secretary of State Mike Pompeo pinned the blame on Iran for an attack at a Saudi oil field in a pair of tweets Saturday.
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Russian Federation and China both said it was wrong to jump to hasty conclusions about who was responsible for the attack.
Tension in the oil-producing Gulf region has dramatically escalated this year after Donald Trump imposed severe U.S. sanctions on Iran aimed at halting its oil exports altogether.
"Houthi rebels claimed the attack, but U.S. Secretary of State Mike Pompeo blamed Iran".
Tehran has dismissed the US accusations as "unacceptable" and said it was ready for a "full-fledged war".
Stoltenberg, who said the alliance "strongly condemned" the attacks because of the destabilising effect on oil supplies, also had a message for Iraq's neighbour, Iran.
However, he suggested the exact circumstances of what happened would be clear "shortly" as Downing Street said the United Kingdom "stands firmly in support of Saudi Arabia".
The Iranian foreign ministry dismissed Pompeo's allegations as groundless.
Aramco has not given a timeline for when they'll fully recover from the attack. However, Tehran has denied any role in specific attacks, including bombings of tankers in the Gulf and previous strikes claimed by the Houthis.
Russian Federation and China urged against hasty conclusions over the attacks.