Oil Prices Up Following Attack On Saudi Facility

Oil prices soared overnight Sunday after after a weekend attack on Saudi Arabia’s oil facilities suspended the production of 5.7 million barrels a day. 

As ABC News notes, that amounts to roughly 5% of the world's total daily crude production.

President Donald Trump and senior administration officials met Monday to discuss how to respond to the attacks, which the White House has blamed on Iran.

The U.S. government said over the weekend the attack involved about a dozen cruise missiles and over twenty drones.

The Houthi rebels in neighboring Yemen claimed responsibility, but Secretary of State Mike Pompeo maintained over the weekend that the government holds Iran at fault.

Saudi Arabia also said the weapons were Iranian in origin, though as of noon Monday (ET) the country had fallen short of explicitly blaming Iran for the attack.

Aramco, a state-run oil company, issued a statement saying they were in the process of working to restore production.

[Source: ABC News Online]