Oil plummets 6% as Saudi minister says supplies fully restored

State-owned producer Saudi Aramco told some Asian refiners it would meet its oil commitments, albeit with changes, sources said. The attacks on crude-processing facilities at Abqaiq and Khurais resulted in the largest single supply disruption in half a century, and threw into question Saudi Arabia's status as supplier of last resort.

The prospect of releases from strategic oil reserves in the United States, and other industrialized countries that the International Energy Agency advises, such as Japan, have weighed on prices, but the geopolitical threat of retaliation is causing concerns.US Vice President Mike Pence said the United States was reviewing evidence that suggests Iran was behind the attacks.

"We're evaluating all the evidence. We're consulting with our allies. And the president will determine the best course of action in the days ahead," Pence said.Relations between the United States and Iran have deteriorated since US President Donald Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports.

Tehran rejects the charges it was behind the strikes and on Tuesday ruled out talks with Trump. Saudi King Salman called on world governments to confront threats to oil supplies. US crude inventories rose by 592,000 barrels in the week ended Sep 13 to 422.5 million, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected a decrease of 2.5 million barrels.

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