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Oil prices achieved, set to register more than 7% weekly jump By Investing.com



© Reuters.

Investing.com – Oil prices rose on Friday and Asia and are reported to record more than 7% weekly gain following a drone strike at Saudi Arabia's major oil plant last weekend, tensions in the Middle East escalated.

The attack happened on Saturday, knocking out almost half of Saudi Arabia's production.

The United States and Saudi Arabia accused Iran of the assault, but Tehran denied any involvement.

Iranian Foreign Minister Mohammad Javad Zarif made allegations that attacks on Saudi oil sites were "an act of war" may be aimed at tricking US President Donald Trump into a war against Tehran.

His comments came after Trump allegedly ordered the US Treasury to "significantly increase sanctions" against Tehran.

Concerns for oil supply disruption from Saudi Arabia remained after the kingdom asked Iraq for 20 million barrels of crude oil to supply domestic refineries. The news adds that Saudi Arabia will be able to return to full production this month.

Earlier this week, Saudi said production would return to normal levels in two to three weeks, which means restoring production to about 1

0 million barrels per day.

The United States gained 0.9% to $ 58.69 by 12:21 ET (04:21 GMT). International traded 0.3% higher at $ 64.62.

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