An attack on Saudi Arabia's Aramco petroleum and gas processing plant has led to the destruction of almost six million barrels of oil. Iran-aligned Yemeni rebel group Houthi claimed responsibility for the attack. Statements from the White House and aTweet by United States President Donald Trump seems to point a finger at Iran. The Iranian government has denied involvement in the attack and has claimed that US accusations are baseless. The loss of six million barrels of oil has affected the price of oil internationally.

On Saturday, an attack on two Saudi petroleum and gas processing plants has not only caused the loss of several barrels of oil but has slowed down the plant's functions. It might take two weeks to make up for the deficit. Even with a stockpile being relied upon to meet the deficit, the international oil supply has been affected. This, in turn, has affected the price of oil.

On Monday, the price of US crude oil on the New York Mercantile Exchange was $60.46 (£48.60, €54.80) per barrel which is 10.2% higher than usual. The price of international standard Brent crude oil was $68.06 (£48.60, €61.68) per barrel which is 13% higher than usual.

trump and rouhani
Donald Trump and Hassan Rouhani AFP / Nicholas Kamm, HO

US Secretary of State Mike Pompeo had blamed Iran for drone attacks while denying Yemeni involvement. Pompeo stated that this attack is the beginning of Iran's attack on the world's energy supply. Satellite images shared by AP News shows the extent of the damage caused by the attack. Trump's tweets suggested that the US forces are prepared to take action against Iran and are waiting for a green light from Saudi Arabia.

Iran, on the other hand, has denied all involvement in the attack. Tehran retaliated by stating that US claims are baseless and riddled with lies. The Iranian government feels that this is a tactic by the US to discredit the government internationally. They feel that the claims from the White House will be used to justify any attack that the US might launch on Iran.

The tension between the two governments has turned entire Iran into a powder keg ready to erupt into a conflict.