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Saudi Arabia’s Oil Attack had a ‘dramatic impact on global markets’ says Pentagon

Navneet Chawla

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Saudi Arabia oil attacks

We have known that a huge drone attack took place last week at oil facilities in Saudi Arabia. This attack not only impacted the oil-manufacturing plants in the country but it also soared up the prices of oil around the world. This is also because Saudi Arabia is one of the biggest exporters of oil around the world.

According to an estimate, Saudi Arabia exports about 10% of the world’s demand for oil. A report mentioned that the drone attack meant that 5% of those supplies were stopped. Therefore, just 5% of oil was supplied in the past week which is half the demand that they were fulfilling previously.

While we have seen that the impact of affected oil supply on markets was huge and it also increased the prices of oil a huge lot, Pentagon also says the same now. Pentagon said that the recent strikes on Saudi Arabia oil facilities was “sophisticated” and it also meant that a “dramatic escalation” was seen within the region. Obviously, this is regarding tensions between Iran and Saudi Arabia as the Kingdom says that Iran is definitely behind the oil attacks on its facilities.

Pentagon Spokesperson says that “This has been a dramatic escalation of what we have seen in the past. This was a number of airborne projectiles, was very sophisticated, coordinated and it had a dramatic impact on the global markets,” He added that “What I think this has done is internationalize the problem,”

“They have really shown the impact of how debilitating that could be. The expectation that we have and I think the Saudis do is that our international partners are going to take a look at this and realize that it’s time for them to step up and help them deter Iranian behaviour but also get Iran back on the diplomatic path.”

Navneet is associated with BossyNews for a long time as an International Author and has a keen interest in sharing news and updates related to the world of business and entrepreneurship. You can reach him at navneetschawla@gmail.com

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