An attack on Saudi Arabia that shut five percent of global crude output caused the biggest surge in oil prices since 1991, after US officials blamed Iran and President Donald Trump said Washington was"locked and loaded" to retaliate.
Prices eased after Trump announced that he would release US emergency supplies, and producers around the globe said there were enough stocks stored up to make up for the shortfall. US officials say they believe that the attacks came from the opposite direction, possibly from Iran itself rather than Yemen, and may have involved cruise missiles. Wherever the attacks were launched, however, they believe Iran is to blame.
For months Iranian officials have issued veiled threats, saying that if Iran is blocked from exporting oil, other countries will not be able to do so either. However, Tehran has denied any role in specific attacks, including bombings of tankers in the Gulf and previous strikes claimed by the Houthis.
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