Price rises more than 10% after attacks in Saudi Arabia

epa07844134 A handout photo made available by NASA Worldview shows a satellite image of smoke from fires at two major oil installations in eastern Saudi Arabia, 14 September 2019 (issued 15 September 2019), following alleged drone attacks claimed by Yemen's Houthi rebels. According to Saudi state-owned oil company Aramco, two of its oil facilities in Saudi Arabia, Khurais and Abqaiq, were set on fire on 14 September after allegedly having been targeted by drone attacks. In picture is seen Bahrain (island, C-top) and Qatar (peninsula, R). EPA / NASA WORLDVIEW HANDOUT EDITORIAL USE ONLY / NO SALES

Crude oil prices rose more than 10 percent at today's opening of the Asian markets, following Saturday's attacks on Aramco's oil facilities which halved Saudi Arabia's oil production.

In electronic exchanges on the Asian continent, the price of the West Texas Intermediate (WTI) rose 9.81 percent to $60.23, and the European reference North Sea crude rose 11.04 percent to $66.87.

"Tensions in the Middle East are rising rapidly, which means [the oil price rise] will continue to echo during this week," OANDA analyst Jeffrey Halley told AFP.

On Saturday, drone attacks, already claimed by the Yemeni rebels (Huthis), set fire to two oil facilities of Saudi giant Aramco in eastern Saudi Arabia. The action hit the world's largest oil processing facility and a large oil field, in Abqaiq and Khurais, respectively, an area considered vital to the global energy supply.

The Huthis, politically backed by Saudi Arabia's major regional rival, regularly claim drone missile launches against Saudi targets and say they act in retaliation for air strikes by the Saudi-led military coalition, which has intervened in Yemen since 2015.

The Saudi authorities are investigating the attack and have not yet identified the culprit. The Iranian government has already denied any involvement in the attacks.

The President of the United States has responded to the attack by saying that the Americans are "loaded and ready" to respond to the attack on Saudi refineries. Donald Trump admits that Washington believes to be in possession of the knowledge of who was responsible for the action, but will wait for a confirmation from Riyadh.

The attack, according to analysts, led to the suspension of more than 5 percent of the world's daily crude oil production.

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