An attack on two major oil plants in Saudi Arabia over the weekend, is triggering concerns over a hike in global oil prices.
Yemen's Iran-aligned Houthi group has claimed responsibility for the attacks, which occurred at around 4AM Saturday local time.
The state-run oil company Saudi Aramco says the strikes will cut the kingdom's oil output by 5.7 million barrels a day, which is about half Saudi Arabia's total output and more than 5 percent of global oil supply.
Aramco will temporarily close the facility while it fixes the damage, but its Chief Executive said no casualties were reported from the attacks.
U.S. Secretary of State Mike Pompeo has claimed Iran is behind the strikes.