Oil prices surged by as much as 19 per cent before coming off peaks. It rose again in the early afternoon, topping $70 for an increase of some 15%.
USA gasoline futures rose as much as 12.9%, while US heating oil futures gained 10.8%.
Drone strikes hit two Saudi Arabian oil facilities on Saturday, knocking out about half of the country's oil output.
At 5.7 million barrels of crude oil a day, the Saudi disruption would be the greatest on record for world markets, according to figures from the Paris-based International Energy Agency.
"The question is how long it takes for the supply to get back online", said Esty Dwek, head of global market strategy at Natixis Investment Managers.
The IPO would have two phases: a local sale in Saudi Arabia that's expected to occur late this year, and an global sale that would happen in 2020.
With some of Aramco's largest oil facilities now out of commission, Saudi officials are considering whether to delay the company's IPO, according to The Wall Street Journal. Pompeo said Saturday, "Iran has now launched an unprecedented attack on the world's energy supply". However, unnamed USA official has talked with Reuters, New York Times, and ABC, and suggested that the lunch site for the attack was in the northern Gulf, Iran, or Iraq. He added, "The terrorist attack did not originate from Yemen as the Houthi militia claimed".
Sarea said Saudi Arabia should stop its "aggression and blockade on Yemen".
Those tensions have increased ever since Trump pulled the USA out of Iran's 2015 agreement with world powers that curtailed Iranian nuclear activities and the U.S.re-imposed sanctions that sent Iran's economy into freefall.
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Mr Trump tweeted last night: 'Saudi Arabia oil supply was attacked. "You don't want to start a war with Iran that you don't have an idea how you're going to end".
Trump, alternating between aggressive and nonviolent reactions, said the USA could respond "with an attack many, many times larger" but also "I'm not looking at options right now".
Sensing a commercial opening, President Vladimir Putin said Russia was ready to help Saudi Arabia by providing Russian-made air defence systems to protect Saudi infrastructure.
But US Secretary of State Mike Pompeo swiftly accused Iran of being behind the assault, without providing any evidence. There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!' Tehran has denied the allegations.
Iranian Foreign Ministry spokesman Abbas Mousavi dismissed Washington's accusations, calling them "blind and futile". Strategic Petroleum Reserve if necessary "in a to-be-determined amount. sufficient to keep the markets well-supplied".
The attacks have raised questions about how Saudi Arabia, one of the world's top spenders on weaponry, much of it supplied by USA companies, was unable to protect oil plants from attack.
The minister also held a meeting with the Chairman of Saudi Aramco's board of directors Yasser Al-Rumayyan, the company's President and Chief Executive Eng. Amin Nasser and a number of officials. "This extremely serious incident makes the chances of a regional conflict that much higher". "And whatever we will discover of the attack, it is a sure sign that for Yemen, the direction of travel seems to be away from the peace we all seek".
Iranian President Hassan Rouhani said the strikes were carried out by "Yemeni people" retaliating for attacks by a Saudi-led military coalition in a war with the Houthi movement.