Year: 2019

Oil prices soared on Monday after attacks on crude facilities in Saudi Arabia sparked worries over the impact of an oil shock on economic growth, halting a positive run in world stocks as investors reached for less risky assets.

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The Saudi-led military coalition battling Yemen’s Houthi movement said on Monday that the attack on Saudi Arabian oil plants was carried out with Iranian weapons and was not launched from Yemen according to preliminary findings.

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U.S. Energy Secretary Rick Perry said on Monday it was too soon say whether the United States would have to tap its emergency petroleum reserves following weekend attacks on Saudi Arabian oil facilities that shook global oil markets.

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Oil futures jumped 10% on Monday after an attack on Saudi Arabian crude oil processing facilities over the weekend sliced the kingdom’s production in half and threatened to hamper shipments from the world’s largest crude exporter.

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Negotiators for General Motors Co and the United Auto Workers are scheduled to restart bargaining Monday to resolve a strike that shut down the automaker’s highly profitable U.S. operations.

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U.S. and Chinese deputy trade negotiators are expected to meet on Friday, with senior negotiators likely to meet about a week and a half later, U.S. Chamber of Commerce CEO Tom Donohue said on Monday, citing a conversation with U.S. Trade Representative Robert Lighthizer.

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Greg Ulmer, head of Lockheed Martin Corp’s F-35 fighter program, will temporarily lead the company’s aeronautics division while its current chief, Michele Evans, undergoes medical treatment, the company told employees on Monday.

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Attacks on Saudi Arabian oil facilities on Saturday shut down about 5.7 million barrels per day (bpd) of crude production, sending global oil prices soaring.

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The United States is considering increasing its intelligence sharing with Saudi Arabia after Saturday’s attack on Saudi oil facilities, which halved the kingdom’s production and jolted world oil markets, U.S. officials told Reuters.

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Saudi Arabia officials are discussing delaying Aramco’s initial public offering as attacks on the company’s oil facilities have drastically reduced their output, the Wall Street Journal reported on Monday, citing people familiar with the matter.

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The Saudi-led military coalition battling Yemen’s Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate from Yemen according to preliminary findings.

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U.S. stocks opened lower on Monday as the weekend attack on Saudi Arabian crude facilities knocked out 5% of the world’s supply and added to global growth worries, while the beaten down energy stocks soared as oil prices jumped more than 10%.

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Attacks on two sites at the heart of Saudi Arabia’s oil industry shut down more than 5% of global supply, sent oil prices as much as 20% higher and prompted the United States to blame Iran despite Tehran’s denials.

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