Oil prices drop….
Trump slows his threats against Iran….
Any action on this is now up for debate within the American government….
Crude oil prices fell sharply Tuesday, reversing some of their major increases over recent days, after Reuters reported that Saudi Arabia will quickly restore output lost during attacks on its facilities over the weekend.
Why it matters: The report, if borne out, will ease fears of a prolonged outage from the strikes against a massive processing facility and oil field in OPEC’s largest producer and the world’s largest crude oil exporter.
jamesb says
Update..
It DOES appear that the Saudi oil field attack came from somewhere IN Iran…
Trump has announced new sanctions…
But has refrained from talking about any military actions….
President Trump said Wednesday that he has ordered a substantial increase in sanctions against Iran, as tensions continued to escalate over strikes on the Saudi oil industry that the United States has linked to Iran and as Saudi Arabia later presented remnants of what it said were Iranian-made weapons used in the attacks.
“I have just instructed the Secretary of the Treasury to substantially increase Sanctions on the country of Iran!” Trump wrote on Twitter, without elaboration.
It was not immediately clear what the increase in sanctions might entail.
The comment came as Secretary of State Mike Pompeo arrived in Saudi Arabia on Wednesday and called the Saturday strikes on two key Saudi oil facilities “an act of war.” Meanwhile, Iran warned the United States on Wednesday that it would broadly retaliate against any attacks on it, Iranian news agencies reported…..
More…
CG says
We’ve armed the Saudis. Let the Saudis use the weapons we gave them to deter Iran.