This archive report was first published on 16 September 2019.
On September 16, 2019, a devastating attack on Saudi Arabia's oil facilities caused the biggest surge in oil prices since 1991, with the US accusing Iran of being behind the attack.
US President Donald Trump tweeted that the US was 'locked and loaded' to retaliate, while US Energy Secretary Rick Perry pinned the blame squarely on Iran for 'an attack on the global economy and the global energy market.'
Iran denied blame, with Foreign Ministry spokesman Abbas Mousavi calling US accusations 'unacceptable and entirely baseless.'
The attack damaged the world's biggest crude oil processing plant, cutting Saudi output by 5.7 million barrels a day, or around half.
Oil prices surged by as much as 19 percent before coming off peaks, with prices easing after Trump announced that he would release US emergency supplies.
US officials say they believe that the attacks came from the opposite direction, possibly from Iran itself rather than Yemen, and may have involved cruise missiles.
Washington has imposed its 'maximum pressure' strategy on Iran since last year, with Trump pulling out of an international deal that gave Tehran access to world trade in return for curbs on its nuclear programme.
