Iran dismisses USA accusation over Saudi attack as 'meaningless'

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Huthi rebel drones targeted two oil pumping stations on Saudi Arabia's key east-west pipeline in May, shutting it down for several days.

Saudi Arabia's move to temporarily suspend production at the state-owned Aramco's two major oil facilities following the drone attacks by Yemeni rebels will definitely impact the global oil prices, according to Prime Minister Tun Dr Mahathir Mohamad.

He says Washington adopted a "maximum pressure" policy against Iran but because of "its failure, (the U.S.) is leaning toward "maximum lies" now.

The remarks were created to damage Iran's reputation and provide a pretext for "future actions" against the Islamic republic, he added.

Tehran has denied the allegations, although top Iranian commanders said they are prepared for war.

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Earlier, the oil giant said that emergency crews contained fires at its plants.

Forex traders said, market participants were concerned as the drone attack on Saudi Arabia's oil facilities has stroked fiscal slippage concerns. "Work is underway to restore production and a progress update will be provided in around 48 hours". Historically, crude oil prices have been negatively correlated with Indian equities.

Aramco has said it will dip into its reserves to offset the disruption, but the incident could affect investor confidence as its stock market debut looms.

"The United States strongly condemns today's attack on critical energy infrastructure".

Tehran and Washington have been at loggerheads since May previous year, when Trump pulled the U.S. out of a landmark 2015 deal that promised Iran relief from sanctions in return for curbs on its nuclear programme.