An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
"There is reason to believe that we know the culprit," Trump said in a post on Twitter.Politicsread more
Brent crude surged by as much as 19.5% to reach $71.95 per barrel on Monday, the biggest intra-day jump since the Gulf War in 1991.Oilread more
The strike, depending on its length, could easily cost GM hundreds of millions of dollars. The last time the union declared a strike at GM was in 2007.Autosread more
Saudi Aramco has 35-40 days of supply to meet contractual obligations, a source close to the matter told CNBC.Energyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
OxyContin maker Purdue Pharma filed for Chapter 11 bankruptcy protection on Sunday.Health and Scienceread more
Saudi Arabia on Saturday shut down half its oil production after a series of drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's...Futures & Commoditiesread more
U.S. stock futures sank amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.Marketsread more
The recommendations include changing corporate reporting structures, creating a new safety group, and changing the cockpits of future planes to accommodate new pilots with...Aerospace & Defenseread more
The state would become the second in the country, behind Michigan, to ban the sale of fruit flavored e-cigarettes, which are popular with teenagers.Health and Scienceread more
Oil prices could surge to all-time highs if the U.S. imposes economic sanctions against Saudi Arabia, according to an opinion piece written by the general manager of Saudi Arabia-based Al Arabiya television.
The warning from Al Arabiya's Turki Aldakhil comes amid heightened tensions between Saudi Arabia and the West, after journalist Jamal Khashoggi — a U.S. resident and prominent critic of Crown Prince Mohammed bin Salman — disappeared after entering the Saudi consulate in Istanbul on Oct. 2.
Turkish authorities claim Khashoggi was murdered and his body removed. Saudi Arabia has fiercely denied that.
"If U.S. sanctions are imposed on Saudi Arabia, we will be facing an economic disaster that would rock the entire world," Aldakhil wrote on Sunday.
"It would lead to Saudi Arabia's failure to commit to producing 7.5 million barrels. If the price of oil reaching $80 angered President Trump, no one should rule out the price jumping to $100, or $200, or even double that figure."
International benchmark Brent crude traded at around $81.43 Monday morning, up around 1.2 percent, while U.S. West Texas Intermediate (WTI) stood at $72.12, slightly more than 1 percent higher.
Energy watchers are closely monitoring Brent, which has pulled back from recent multiyear highs but remains firmly established above $80 a barrel.
So far this year, the price of oil has surged more than 25 percent, prompting some investors to bet that a return to triple-digits could be just around the corner.
Meanwhile, the U.S. is banking on Saudi Arabia to curtail soaring energy prices and help offset lost Iranian oil supply. But, in theory, an escalation of tensions in the Middle East could send prices sharply higher.
The International Energy Agency (IEA) is already concerned rising energy prices could soon pose a threat to global economic growth, saying its position is "expensive energy is back."
Saudi Energy Minister Khalid al-Falih reportedly said Monday that while oil market conditions were challenging at present, the kingdom would remain committed to acting as a shock absorber to any upcoming supply shortages.
Speaking in New Delhi, India, al-Falih explained the world's largest exporter wanted to help power the global economy, Reuters reported.
President Donald Trump has repeatedly blamed OPEC kingpin Saudi Arabia for rising gasoline costs, as prices continue to head in the wrong direction for American consumers with midterms coming up in less than four weeks' time.
On Sunday, Trump threatened "severe punishment" against Saudi Arabia if it turns out Khashoggi was killed in the consulate, though he also cautioned Washington would be "punishing" itself if it scrapped any military sales to Riyadh.
Meanwhile, the governments of the U.K., France and Germany all called for a "credible investigation to establish the truth about what happened" on Sunday. "And — if relevant — to identify those bearing responsibility for the disappearance of Jamal Khashoggi, and ensure that they are held to account."
In response, Saudi Arabia said it would retaliate to possible economic sanctions taken by other states over the case of Khashoggi.
For the moment, suspicions about Saudi Arabia's role in Khashoggi's disappearance have tainted the reformist image carefully cultivated by Crown Prince Mohammed.
Shares in Saudi Arabia plunged on Sunday, amid growing fears of global fallout. The country's main stock market index in Riyadh — the Tadawul — fell as much as 7 percent at one stage as billions of dollars were wiped off the value of leading Saudi companies.
The index recovered some ground later in the trading day to close around 3.5 percent lower.