JEDDAH — President Donald Trump warned on Monday that the US was prepared to respond to the recent attacks on Saudi oil facilities that Washington blamed on Iran.

"Saudi Arabia oil supply was attacked. There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!" Trump tweeted.

Addressing the global concerns over oil supplies, Trump said that he had also authorized the use of US emergency oil stockpile to ensure stable supplies after the attack.

“Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have "authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount" that is "sufficient to keep the markets well-supplied,” Trump said in a tweet.

“I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other State,” he added.

Meanwhile, Oil prices surged nearly 20 percent at one point on Monday, with Brent crude posting its biggest intraday gain since the Gulf War in 1991.

Prices came off their peaks after US President Donald trump authorized the use of his country's emergency stockpile to ensure stable supply. — Agencies