US President Donald Trump says America is “locked and loaded” after Saturday’s attack on Saudi Arabia’s main oil facility. He says he’s waiting to hear from the Saudis on how to proceed.
The attack on Saudi Arabia’s largest oil processing facility not far from Riyadh represents a major escalation in the battle between Iran, Saudi Arabia, and the United States.
The strike cut the Saudi’s daily oil output by nearly six million barrels per day.
“That’s about 60 percent of the Saudi production. And when you talk about the global production that’s almost more than 5 percent of the global oil production,” said Ranjith Raja, senior analyst of Refinitiv Oil Research.
The impact is being felt worldwide. The price of oil spiked sharply- gaining 10 percent or more – and president trump said he will release oil from the strategic petroleum reserve if necessary to assure enough oil for the marketplace.