Oil Prices Could Surge Much Higher If Saudi Attack Leads to War

Trump authorizes strategic petroleum release to keep market supplied

Reports of a drone attack against Saudi oil refineries over the weekend sent the price of Brent oil futures up to $68.22 on Monday. Where it goes from there heavily depends on what happens next.

Analysts say that a persistent outage of the Saudi facilities could bring the price up to $75, and that any military response could bring it to $85. They added that a full-scale war in the region could easily bring the price up to $100 a barrel.

President Trump dismissed the whole issue, Tweeting “PLENTY OF OIL!!!” over the weekend and since insisting that he doesn’t consider the latest price increase a problem at all.

As a more practical measure, Trump announced that he has authorized the release of oil from the US Strategic Petroleum Reserve in a “to-be-determined amount.” Trump has insisted that he doesn’t want war, which suggests that the worst-case scenario types of war are unlikely.

Author: Jason Ditz

Jason Ditz is senior editor of Antiwar.com.