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A swarm of up to ten hi-tech drones fired missiles at & # 39; the world's largest refinery, Abqaiq, and a huge oil field, Khurais, early on Saturday. The incident triggered the word war between Washington and Tehran

Gas prices are rising by & # 39; 22 cents per gallon & # 39; while Saudi oil fields are burning after a huge drone attack while Iran is telling us & # 39; it's ready for war & # 39;

  • Gas can rise by as much as 22 cents per gallon after attacks, warn analysts
  • Drone attacks on two oil refineries have wiped out half of Saudi Arabia's production
  • Traders say that oil could now sell for $ 100 a barrel if the kingdom did not dissolve the stock
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Gas prices will rise after devastating drone attacks on two oil refineries in Saudi Arabia have caused shock waves on the world market.

Analysts fear that the attacks – which increased tensions in the region after the US blamed Iran – could push up the price of crude oil by $ 10 per barrel, which would amount to 22 cents per gallon at the pumps.

A barrel is currently trading for just over $ 60, but traders warned that this could rise to $ 100 if Saudi Arabia did not address the impact on supplies in the coming weeks, meaning that motorists would see a much higher price increase on forecourts .

A swarm of up to ten hi-tech drones fired missiles at & # 39; the world's largest refinery, Abqaiq, and a huge oil field, Khurais, early on Saturday. The incident triggered the word war between Washington and Tehran

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A swarm of up to ten hi-tech drones fired missiles at & # 39; the world's largest refinery, Abqaiq, and a huge oil field, Khurais, early on Saturday. The incident triggered the word war between Washington and Tehran

The attack in the kingdom, & # 39; the world's largest oil exporter, immediately destroyed half of its production of 10 million barrels per day – experts said it would take "weeks" to recover.

A swarm of up to ten hi-tech drones fired missiles at & # 39; the world's largest refinery, Abqaiq, and a huge oil field, Khurais, early on Saturday.

The incident triggered the word war between Washington and Tehran at a time when Donald Trump seemed to soften his attitude toward Iran.

A barrel is currently trading at just over $ 60, but traders warned that this could rise to $ 100 if Saudi Arabia does not address the impact on supplies in the coming weeks

A barrel is currently trading at just over $ 60, but traders warned that this could rise to $ 100 if Saudi Arabia does not address the impact on supplies in the coming weeks

A barrel is currently trading at just over $ 60, but traders warned that this could rise to $ 100 if Saudi Arabia does not address the impact on supplies in the coming weeks

Houthi rebels in Yemen – where a civil war was raging since they partially reversed the government supported by Saudi Arabs – demanded responsibility for the damage at the Aramco facilities.

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But US Secretary of State Mike Pompeo said there is & # 39; no evidence & # 39; was for the claim. He involved Iran, waging a proxy war in Yemen by financing the Houthi rebels in their conflict with the old regime, supported by an international coalition led by the Saudis.

"In the midst of calls for de-escalation, Iran has now launched an unprecedented attack on the world's energy supply," he said.

The toxic "proxy" war of Tehran

A civil war has been raging in Yemen for five years, killing thousands of people and suffering millions of hunger.

The conflict has been labeled as a "proxy" war in which Saudi Arabia and Iran support the opposing parties.

It has its roots in the Arab Spring of 2011, when an uprising forced the old authoritarian president of Yemen to hand over power to his deputy, Abdrabbuh Mansour Hadi.

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This transition was supposed to bring stability to one of the poorest countries in the Middle East, but the new president was struggling to maintain order.

The widespread fight began in 2014 when the Houthi rebels occupied large parts of the territory, forcing Mr. Hadi into exile.

The tribal militias of the Houthi – which belong to the Shiite branch of Islam – are supported by Iran, the only major Shiite force in the Middle East.

The conflict escalated in 2015 when Saudi Arabia and eight other Sunni Arab states, which supported Mr. Hadi, launched devastating air strikes against the Houthis. The coalition is supported by the UK, the US and France.

Iranian Foreign Ministry spokesman rejected the comments as "blind and meaningless comments."

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He added: "The Americans have adopted the & # 39; maximum pressure & # 39; policy against Iran that, due to failure, tends to & # 39; maximum lies & # 39;. & # 39;

Amirali Hajizadeh, the head of the Revolutionary Guards Corps Aerospace Force, warned that the Islamic Republic was ready for a "full-fledged" war.

"Everyone needs to know that all US bases and their aircraft carriers at a distance of up to 2,000 km (1,250 miles) around Iran are within reach of our rockets," he added.

Analysts fear that the attacks - which increased tensions in the region after the US blamed Iran - could push up the price of crude oil by $ 10 per barrel, which would amount to 22 cents per gallon at the pumps (photo of the file)

Analysts fear that the attacks - which increased tensions in the region after the US blamed Iran - could push up the price of crude oil by $ 10 per barrel, which would amount to 22 cents per gallon at the pumps (photo of the file)

Analysts fear that the attacks – which increased tensions in the region after the US blamed Iran – could push up the price of crude oil by $ 10 per barrel, which would amount to 22 cents per gallon at the pumps (photo of the file)

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Saudi Arabia's crown prince Mohammed bin Salman sparked concerns about a large-scale conflict by saying that he was "willing and able to confront and deal with this terrorist aggression." But experts said the Saudis did not want an open conflict with Iran.

The full effect of Saturday's attacks will become clear today when the oil markets reopen.

Andrew Lipow, president of the American consulting firm Lipow Oil Associates, said: "This is a big problem. I fear the worst and expect the market to open $ 5 to $ 10 a barrel. & # 39;

International energy expert professor Nick Butler added: "If retaliation becomes a reality, any peak (in prices) can be maintained."

Luke Bosdet of the AA said that the slightly stronger pound and greater oil production in the US had limited the impact of recent disruptions on the world market.

But he warned that drivers could still see that forecourts were using a "mini-rise" in wholesale costs to raise pump prices.

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