The daily business briefing: September 16, 2019

Oil prices jump after drone attack disrupts Saudi oil production, UAW union goes on strike against General Motors, and more

GM HQ in Michigan
(Image credit: Getty Images)

1. Oil prices surge after attack disrupts Saudi production

Oil prices jumped by 15 percent on Sunday after weekend drone attacks on key oil production facilities in Saudi Arabia. Half of the country's oil production was halted, and a damage assessment is expected on Monday. The ongoing impact on oil prices and gasoline prices will depend on how bad the damage is and how long repairs take, industry analysts said. Saudi Arabia's stock market also was shaken by the news, and fell on Sunday. Houthi rebels in Yemen claimed responsibility for the attacks, but Secretary of State Mike Pompeo said there is "no evidence the attacks came from Yemen." U.S. officials have instead pointed the finger at Iran, but Tehran has denied involvement. President Trump said the U.S. is "locked and loaded" but waiting to decide how to react until after Saudi Arabia determines definitively who was behind the strikes.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.