Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Saudi Arabia to Hold News Conference 'Proving' Iran Role in Attacks

CommoditiesSep 18, 2019 08:19AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. - The threat of a sustained outage in Saudi oil supplies to the world may have receded, but the risk of a broader conflict growing out of last weekend’s attacks on its oil facilities may be about to get bigger.

The Saudi Arabian defense ministry is to hold a press conference later Wednesday detailing the extent of Iranian involvement in the attacks, Bloomberg reported a ministry spokesman as saying Wednesday.

President Donald Trump had warned over the weekend that the U.S. was “locked and loaded” as regards a possible retaliatory strike against Iran. However, Saudi Arabia had initially held off confirming U.S. analysis arguing that Iran was behind the strike, rather than the Houthi rebels in Yemen who have repeatedly claimed responsibility for it.

The press conference is expected to take place at 5:30 PM in Jeddah, or 10 AM to 10:30 AM Eastern Time, according to Bloomerg’s Salma Elwardany.

The press conference will follow a meeting between U.S. Secretary of State Mike Pompeo and Saudi Arabia’s Crown Prince Mohammed bin Salman, which was confirmed earlier Wednesday by the U.S. mission to the United Arab Emirates.

Earlier Wednesday, Iran had reportedly sent a written diplomatic note to the U.S. formally disclaiming any involvement in the attacks, which took over half of Saudi Arabia’s active production capacity offline and caused the biggest-ever one-day spike in crude oil futures.

Iran “reiterated that it was not behind attacks on Saudi Arabia's oil facilities and it has warned that any move by America against Iran will get immediate reaction," according to the semi-official news agency ISNA.

On Tuesday, Saudi Energy Minister Prince Abdulaziz bin Salman had said that the kingdom would restore its oil output to pre-attack levels by the end of the month, although restoring its full production capacity would take until November.

Oil prices retreated on the news in early trading Wednesday. By 8:15 AM ET, WTI futures were trading at $58.70 a barrel, down 0.8% from late Thursday and more than $4 a barrel below the high they hit on Monday. The international Brent blend was down 0.6% at $64.17 a barrel.

Saudi Arabia to Hold News Conference 'Proving' Iran Role in Attacks

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email