Drone Attack on Saudi Arabian Oil Fields
Last week 8 drones attacked the Aramco oil fields in Saudi Arabia, ultimately causing increased tensions in the middle east. The attacks took out 50% of Saudi Arabia’s oil production and 5% of the worlds global output. Crude oil, which is used for more than just gasoline, remains a controversial topic in the US as many American’s want to stop oil production in the US altogether. What do these drone strikes mean for America? What is potential for disruption in crude oil prices? And did these attacks impact last week’s federal rate cut?