DUBAI, United Arab Emirates (AP) — Global energy prices have spiked after an attack on the heart of Saudi Arabia’s oil infrastructure as President Donald Trump warned Iran that America was “locked and loaded” to respond to an assault it alleges Tehran orchestrated.
Benchmark Brent crude gained nearly 20% in the first moments of trading Monday before settling down to 10% higher. A barrel of Brent traded up $6 to $66.28.
U.S. benchmark West Texas crude was up around 9%.
Yemen’s Iranian-backed Houthi rebels claimed the attacks Saturday. However, the U.S. released satellite images overnight Monday it alleges shows the fire came from either Iraq or Iran.
Iran has denied being involved in the attack, though it comes amid heightened tensions over Tehran’s unraveling nuclear deal with world powers.