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Fitch Ratings said Saudi Arabia's deteriorating balance sheet and rising fiscal deficit also contributed to the downgrade.
Saudi’s crown prince warned oil prices could go ‘unimaginably high’ unless ‘firm action’ is taken on Iran
"Only a fool would attack 5% of global supplies," he told CBS. "The only strategic goal is to prove that they are stupid and that is what they did."
The drop followed a rally after a weekend report that production would take longer than thought. "No one knows what’s accurate info!" said one analyst.
Photos show the scale of the destruction caused by the drone attacks on 2 Saudi Arabian oil facilities
Photos taken at the Khurais and Abqaiq oil refineries by Western journalists show masses of twisted, burned-out metal after the drone attacks.
Iran’s foreign minister warned of ‘all-out war’ if the US launches a military response to Saudi oil attack
"We won't blink to defend our territory," if attacked by the US Javad Zarif said in an interview with CNN after a Saudi oil facility was attacked.
Saudi Arabia appears to have been powerless to stop the oil-field attack because of its antiquated air defenses and internal dysfunction
It appears to explain why the attacks on Saudi Aramco's oil fields were so successful despite the considerable resources deployed to stop it happening
Saudi Arabia says the oil facility hit by drones and missiles will be fully functional again in 12 days
Prince Abdulaziz said Saudi Aramco has emerged "like a phoenix from the ashes" after Saturday's drone strikes on the Khurais and Abqaiq oil facility.
Oil posted its largest-ever single-day jump on Monday after an attack on Saudi oil facilities disrupted production.
Trump says he has ‘a lot of options’ to punish Iran if it was behind the Saudi oil attacks. He doesn’t.
Trump has repeatedly said he doesn't want to get the US into another war, and looks to have already exhausted all economic and diplomatic routes.
If US claims of how the Saudi oil attack went down are true, then the failure to prevent it is a huge embarrassment
Questions have been raised how the US military missed 17 strikes fired through the best-defended and most intensively monitored airspace on earth.