(CNBC) – President Donald Trump said the United States is “locked and loaded” after an attack on Saudi Arabia’s oil supply, but his administration is waiting on Riyadh to determine who launched the strikes before proceeding on a course of action. “There is reason to believe that we know the culprit, are locked and loaded depending on verification,” Trump said in a post on Twitter. Trump said he authorized the release of oil form the U.S. strategic petroleum reserve to keep the market well supplied. Drone strikes crippled the heart of Saudi oil production over the weekend,
hitting the world’s largest crude processing facility and the kingdom’s second-largest oilfield. Aramco, Saudi’s national oil company, was forced to cut production by 5.7 million barrels per day or about 50%. That is equivalent to about 5% of the global oil supply. Yemen’s Houthi rebels claimed responsibility for the attack, but the U.S. has pointed the finger at Iran. Secretary of State Mike Pompeo accused Tehran of launching an “unprecedented attack on the world’s energy supply.” Iran has dismissed those allegations as “meaningless,” “not comprehensible” and “pointless.” READ MORE