Oil

Updated at 10:52 p.m. ET

Oil prices and stock indexes were in freefall Sunday after Saudi Arabia announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the United States and Europe.

The world's most profitable company will make its first public stock offering next month, in what could be the biggest IPO ever.

Saudi Aramco, the oil giant owned by the Saudi government, said on Sunday it will sell an unspecified number of shares, thought to be between 1% and 3% of the company. It did not specify a price range.

Iran's Foreign Minister Mohammad Javad Zarif says his country will not succumb to economic pressure by the Trump administration.

"We are resisting an unprovoked aggression by the United States," Zarif told NPR's Steve Inskeep in an interview in New York City on Sunday. "I can assure you that the United States will not be able to bring us to our knees through pressure."

On Sept. 14, a major Saudi oil processing plant was rocked by a series of explosions. The facility, and another oil field to the south, had been attacked from the air. Here's what we know — at this time — about the attacks based on physical evidence.

The strike was large and sophisticated

American military and intelligence officials say they are accumulating a growing mound of evidence that Iran launched the airstrikes that idled about half of Saudi Arabia's oil production capacity over the weekend. But the Trump administration has been slow to respond to those attacks.

Updated at 5:22 p.m. ET

The price of oil saw a massive price spike Monday following what are believed to be drone strikes on Saudi oil facilities over the weekend that has shut off more than half of the kingdom's daily exports, or about 5% of the world's crude production.

Benchmark Brent crude briefly surged almost 20% in early trading before settling closer to 10%, up $6 to $66.28 per barrel. It rose again in the early afternoon, topping $70 for an increase of some 15%. The U.S. benchmark West Texas crude rose more than 10%.

Updated at 11:30 p.m. ET

Iran says it is not behind Saturday's attacks on oil plants in Saudi Arabia, denying accusations from Secretary of State Mike Pompeo that Tehran was responsible for "an unprecedented attack on the world's energy supply."

Javad Zarif, Iran's foreign minister, said in a tweet on Sunday that Pompeo was turning from "max pressure" to "max deceit."

Ignoring pressure from President Trump to keep the oil flowing, OPEC, Russia and other producers have agreed to cut production. They pledged to pare output by 1.2 million barrels a day, hoping to stem a sharp drop in oil prices.

The price of crude jumped nearly 4.5 percent Friday morning, to $53.75 per barrel, on word of the agreement, which called for a bigger reduction than analysts had expected.