Oil slips as market assesses fallout from Saudi attack

Ahead of United Nations meeting, Iran's Supreme Leader Ayatollah Ali Khamenei said "there will be no talks with the U.S. at any level", the Associated Press reported.

Iranian state TV quoted Ayatollah Ali Khamenei, who's been personally sanctioned by the Trump administration, as saying this is the position of the entire leadership of the country and that "all officials in the Islamic Republic unanimously believe" this.

Oil plunged almost 7% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production it lost after this weekend's attack on a key crude facility in the kingdom.

In recent weeks French President Macron has been trying to find a way to reduce tensions and help pave the way for a meeting between Donald Trump and Iran's President Hassan Rouhani.

This image provided on Sunday, Sept. 15, 2019, by the US government and DigitalGlobe and annotated by the source, shows damage to the infrastructure at Saudi Aramco's Abaqaiq oil processing facility in Buqyaq, Saudi Arabia.

Ayatollah Ali Khamenei said the USA adopted a policy of "maximum pressure" on Iran.

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"The policy of "maximum pressure" against the Iranian nation is worthless and all Islamic Republic of Iran officials unanimously believe there will be no negotiations with the United States at any level", he said in a televised address.

But U.S. sanctions have had a profound impact on Iran's economy, with a devalued currency, high inflation and nearly no oil exports.

Houthi rebels, fighting against Saudi Arabia in Yemen, have taken responsibility.

Washington already has some of the highest prices for gas, at an average of $3.18 per gallon, behind only Hawaii ($3.64) and California ($3.63, ) according to AAA's research. "Whether this is a short or long term trend will be determined by the price of crude oil prices and how quickly the facilities in Saudi Arabia can recover and get back online". Ten unmanned drones damaged one of the Saudis' flagship fields and a key processing complex Saturday, triggering one of the wildest bouts of trading seen in oil markets.

The attack, over the weekend, disrupted over 50% of the production facility.

Relations between the United States and Iran have deteriorated since Trump pulled out of the Iran nuclear accord a year ago and reimposed sanctions on its oil exports. "Neither in NY nor anywhere" else.

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