Skip to content
Subscriber Only
Markets
Economics

Oil Reverses Loss As U.S. Sends Missile, Troops to Saudi Arabia

  • Aramco boosts production to more than 8 million barrels a day
  • Iran raises nuclear capacity, boosting Mideast tensions
Oil Prices Hit Historic High On Weak Dollar

Photographer: David McNew/Getty Images

Updated on

Oil reversed declines after the U.S. announced it would send air defense systems and troops to Saudi Arabia following attacks on the country’s oil production facilities that shut half of its output.

Futures erased losses to settle little changed in New York after earlier falling as much as 1.9%. The Pentagon will send an additional Patriot missile battery, four radar and 200 more personnel to Saudi Arabia, extending the region’s air defense coverage in the wake of the Sept. 14 aerial assault. The attack has been blamed on Iran, and any military response risks destabilizing a region that is home to some of the world’s largest oil producers.