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Oil Prices Up 19% At the Open and USA is Ready to Hit Saudi Attackers

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Oil prices hit their highest in four months after Houthi drone attacks damaged Saudia Arabia oil refineries. At the start of trading, Brent crude jumped 19% to $71.95 a barrel, while the other major benchmark, West Texas Intermediate, rose 15% to $63.34. Iran has been backing the Houthi. Saudi Arabia oil supply was attacked. 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! — Donald J.

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Matt Chester's picture
Matt Chester on Sep 16, 2019 12:19 pm GMT

This is going to be a huge story moving forward, obviously, and will underpin the danger that comes from oil price volatility. 

Important to note: while the United States is producing more oil than ever before and recently became a net exporter for the first time, that's net exporter. We still import foreign oil a'plenty. 

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