Oil prices which momentarily shot up to $71.38 per barrel have now steadied at $69.16 after the recent attack on a Saudi Arabian oil site.
Saudi Arabia reported that a drone attack was launched on one of its oil plants by Iran-backed Houthi rebels, though it was intercepted and the output unaffected.
The news, however, sent the price of cruse oil to a 4-year high. Experts have speculated that the sudden rise in the price of crude oil is still premature.
The Yemen Houthis have claimed responsibility for the attacks.
The U.S has however condemned the attacks as a lack of respect for both human life and the pursuit of peace.