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Asia activates oil contingency plans as Saudi strike disrupts outlook

Trump suspects Iran involvement and hints at action

TOKYO -- The drone strike on Saudi Arabian oil facilities on Saturday highlighted new vulnerabilities in the global crude market, shattering expectations of a downtrend in oil prices and pushing distributors to consider a potential shortage in supply.

Most market players had believed that supply would not decline drastically, regardless of tensions in the Middle East. This kept prices from topping the recent high marked in October 2018, even after oil tankers were attacked in the Strait of Hormuz near Iran this June.

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