Oil Markets: the US responds to Saudi concerns about the global oil supply in the wake of drone attacks
Oil price that showed a downward trend up until Thursday, this week, stated going up at a modest pace on Friday with a brief dip during the day, when the Saudi oil facility near capital Riyadh were attacked by Houthi rebels of Yemen. Saudi Arabia admitted it came under attack and the situation was under control; they went on to say that the damage was negligible; it, however, could not stop the ripple effect of the negative sentiment from spreading across the crude oil markets. Since the attacks of this nature are frequent and the damage remains relatively insignificant, the markets seem to be suffering from ‘drone-fatigue’; the subdued, short-lived impact on the markets just reflects it. After the latest attack, unlike in the previous attacks, Saudi Arabia warned the international community that the global energy supply would be under serious threat in the face of these attacks; it’s, in a certain sense, a thinly-veiled accusation against the key global players for not tak