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Oil prices rise after Saudi drone attacks

Saudi Drone Attacks - Level 0

Oil prices increased by the biggest amount in ten years after the drone attacks in Saudi Arabia. They went up by nearly 20% - the biggest rise since the 1990-91 Gulf War. The attacks cut Saudi's oil production in half, and global production by five per cent. It could take weeks to fix. We could pay higher gasoline and food prices.

Yemen's Houthi group said it carried out the attacks. Iran called it self defense. It said: "The attack was a...response to years of Saudi aggression against Yemen." Arab countries say weapons used in the attack were made by Iran. The USA said the attacks came from either Iraq or Iran, not Yemen. Iran called this "maximum lies".

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Saudi Drone Attacks - Level 1

Oil prices increased after the attacks on oil plants in Saudi Arabia. It was the biggest rise in ten years. Prices went up by nearly 20 per cent - the biggest one-day rise since the 1990-91 Gulf War. Saudi said the drone attacks cut the country's oil production in half, and global oil production by five per cent. It could take weeks to fix. We could pay higher gasoline prices. People may also have to pay higher prices for food and other things.

Yemen's Houthi group said it carried out the attacks because of Saudi attacks on its groups in Yemen. Iran supported this claim and called it self defense. It said: "The attack was a...response to years of Saudi aggression against Yemen." Arab countries say there is evidence that weapons used in the attack were made by Iran. U.S. officials say the attacks came from either Iraq or Iran, not Yemen. Iran called this "maximum lies".

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Saudi Drone Attacks - Level 2

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Oil prices increased on Monday after the attacks on oil plants in Saudi Arabia. It was the biggest rise in a decade. Prices shot up by nearly 20 per cent - the biggest one-day rise since the 1990-91 Gulf War. Saudi Arabia's Energy Minister said the drone attack on Saudi's Abqaiq oil plant cut the country's oil production in half, and global oil production by five per cent. It could take weeks to repair the damage. During this time, we could pay higher gasoline prices, especially in Asia. People may also have to pay higher prices for food and other goods.

Yemen's Houthi group claimed responsibility for the attacks. The group said they were because of Saudi attacks on rebel groups in Yemen. Iran's President supported the Houthi claim. He said the attack was self defense. He said: "Yemeni people are exercising their legitimate right of defense. The attack was a...response to years of Saudi aggression against Yemen." Arab countries say there is evidence that the weapons used in the attack were made by Iran. U.S. officials suggest the attacks came from either Iraq or Iran and not Yemen. Iranian officials called this "maximum lies".

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Saudi Drone Attacks - Level 3

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

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