U.S., Saudi Arabia promise to tap oil reserves, if needed

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The foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, on Tuesday Associated Press/Photo by Ahn Young-joon

U.S., Saudi Arabia promise to tap oil reserves, if needed

Oil prices eased back down on Tuesday as Saudi Arabia worked to restore one of its major processing plants. Global prices spiked Monday by 15 percent after armed drones targeted key oil facilities in the kingdom over the weekend. The attack halted more than half of the country’s daily exports, but Saudi Arabia and the United States have said they could release oil from their reserves as needed to manage prices. Oil prices had fallen by about 5 percent on Tuesday morning.

Who attacked the plant? Iran-backed Houthi rebels in Yemen have claimed responsibility, but U.S. intelligence officials aren’t buying it. President Donald Trump said Tuesday that they have reason to believe Iran was behind the attack.

Dig deeper: Read Onize Ohikere’s report in World Tour about the humanitarian crisis Yemen’s civil war is causing.

Rachel Lynn Aldrich

Rachel is a former assistant editor for WORLD Digital. She is a Patrick Henry College and World Journalism Institute graduate. Rachel resides with her husband in Wheaton, Ill.