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Oil prices have risen by around 20% to $71 per barrel after an attack on Saudi Arabia’s oil infrastructure that cut the country’s production by at least half.

This is the largest spike in oil prices in almost thirty years and will likely cost Irish people an extra €3 per fill of petrol in a car with a 50 litre tank, according to AA’s Conor Faughnan who spoke on Newstalk this morning.

US President Trump announced on Twitter that the United States were “locked and loaded” in preparation to respond, and added that they had “reason to believe we know the culprit”.

The current speculation is that Iran was behind the attack, but as of yet there has been no clear evidence of that.

-Daniel Potter