Oil sees biggest jump in nearly 11 years after Saudi attack

Updated at 5PM ET

President Trump on Monday told reporters that he did not expect the Saudi attack to impact the United States.

“We have tremendous amounts of oil in our country, we’re independent of everybody now … so it won’t affect us and ultimately I don’t think it will affect the world either," Trump said.

Updated at 3:40PM ET

The Saudi Ministry of Foreign Affairs said in a statement on Monday that initial investigations indicate the weapons used in the attack were Iranian. Investigations, however, are still ongoing to determine the source of the attack.

Updated at 2:50PM ET

Oil prices on Monday saw their largest gain in more than a decade, following an attack over the weekend on major production infrastructure in Saudi Arabia.

West Texas intermediate crude prices settled at $62.90 – a more than 14 percent jump. Prices saw their largest gain since Dec. 2008 and their highest settle since May 21.

Over the weekend, drone attacks on the heart of Saudi oil production sparked huge fires that halted Aramco production operations.

The attacks were the latest in a string of drone attacks on Saudi Arabia’s oil facilities.

President Trump on Sunday said the U.S. is “locked and loaded” to respond to the attacks, which the administration has said “means several things.”

Depsite Monday’s spike, some experts are saying there’s no need to panic.

“So far, quite frankly, I would say the increase in oil prices is not going to be a game-changer for the U.S. economy,” Nancy Lazar, founder of Cornerstone Macro, told FOX Business' Maria Bartiromo on Monday. “You need to see something up well over $100 [a barrel] for a sustained period of time, based on what I went and looked back yesterday, to really push the economy into a recession.”


FOX Business’ Charles Brady contributed to this story.