[NEW YORK] Oil prices rose nearly 2 per cent on Tuesday after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco.
"These attacks prove again that it is important for us to face terrorist entities, including the Houthi militias in Yemen that are backed by Iran," Mr Falih said, calling the attack an"act of terrorism" that targeted the world's global oil supply.Saudi Arabia said earlier that two of its oil tankers were among those attacked off the coast of the United Arab Emirates on Sunday, incidents which ratcheted up tensions in the world's top oil-exporting region.
"With rising tensions between Iran and the US, and with significant naval build-up in the region, markets are sensitive to news and can be tipped by the smallest signs of a conflict," said Mihir Kapadia, chief executive of Sun Global Investments. The market was also holding out some hope for flagging US-China trade talks as both sides expressed positive sentiments, which may signal the negotiations are not yet dead.
Source: News Formal (newsformal.com)
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