Oil prices falling in wake of report that Saudi output could bounce back in weeks after attack

Crude oil prices have begun to stabilize following a report that Saudi Aramco would restore full output in a matter of weeks, reversing a dramatic spike in oil markets caused by drone strikes on Saudi petrol infrastructure.

Falling precipitously since Monday’s high of $71.95 per barrel, Brent crude is now trading at $65.44, recouping about four percent of a nearly 20-point spike after the drone attacks. The drop in prices comes on the heels of an optimistic report in Reuters that Saudi Aramco would carry out repairs faster than expected and resume full production in “two to three weeks.”

While Washington has cast blame on Tehran, Yemen’s Houthi rebels claimed responsibility for this weekend’s strikes, which devastated a pair of Saudi oil treatment facilities and disrupted nearly five percent of the global oil market, or 5.7 million barrels per day.