Oil prices soared on Monday after drone attacks on oil plants in Saudi Arabia. Prices saw their biggest rise in decade. At one point, prices shot up by nearly 20 per cent. This is biggest one-day rise since 1990-91 Gulf War. Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said drone attack on Saudi Arabia's Abqaiq oil plant cut kingdom's oil production in half. The attacks will cut world's daily oil production by five per cent. The Bloomberg news agency said it could take weeks for Saudi to repair damage. During this time, people could see higher gasoline prices at pumps, especially in Asia. People may also have to pay higher prices for food and other goods.
Yemen's Houthi group has claimed responsibility for attacks in Saudi Arabia. The group said attacks were because of Saudi Arabia's attacks on rebel groups in Yemen. Iran's President Hassan Rouhani supported Houthi claim. He called attack act of self defense. He said: "Yemeni people are exercising their legitimate right of defense. The attack was reciprocal response to years of Saudi aggression against Yemen." However, Arab coalition says there is evidence that weapons used to strike the Saudi oil plants were made by Iran. U.S. officials say satellite images suggest attacks came from either Iraq or Iran and not Yemen. Iranian officials called U.S. allegations "maximum lies".
