The attacks on major Saudi crude facilities.....>

OIL: The attacks on major Saudi crude facilities (which account for ~5% of

global production) leave WTI ~+$5.00, with Brent ~+$6.00, well shy of the early

highs, as the geopolitical risk premium returned with avengeance after last

week's Bolton unwind.

- The U.S. has been quick to point the finger at Iran, with Trump tweeting:

"There is reason to believe that we know the culprit, are locked and loaded

depending on verification, but are waiting to hear from the Kingdom as to who

they believe was the cause of this attack, and under what terms we would

proceed!" Ahead of the crude re-open Trump tweeted "Based on the attack on Saudi

Arabia, which may have an impact on oil prices, I have authorized the release of

oil from the SPR, if needed." Some noted that this helped the space to retrace

from extremes, but it is worth remembering that the crude in the U.S. SPR isn't

a like-for-like in terms of quality/grade when compared to the Saudi product.

- Various source reports have suggested that 30-40% of the affected supply will

come back online today, although full production may not be reached for

weeks/months. An official update from Saudi is expected on Monday.