President Trump has said he approved the release of oil from the US strategic reserves and ordered to streamline pipelines’ approvals to keep the oil market “well-supplied” in wake of the attacks on Saudi Aramco. The drone strikes on Saudi Arabia’s biggest largest Abqaiq oil processing plant and and another oil facility have cut the state-run oil giant’s daily production in half, sending Saudi stocks into a nosedive and sparking fears that oil prices can rise to triple-digits.

In a series of tweets on Sunday, Trump said that the US would draw from its oil reserves “if needed, in a to-be-determined amount sufficient to keep the markets well supplied,” adding that he “also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States.”

Oil