Drone strikes hit the Yanbu Aramco Sinopec Refining Company,a joint venture between Saudi Aramco and China Petrochemical Corporation.
With fuel demand at historic lows investors are caught between chasing bargains or getting out of the oil sector,which some say is in structural decline.
Three officials familiar with the meetings and a fourth close to Iran’s decision-making have described the role of Iran in plotting the September attack.
The explosion damaged two storerooms and resulted in an oil leak into the Red Sea,reports stated.
The crown prince said that the September 14 attacks on the Saudi petroleum-processing facility were an act of war by Iran - but he preferred peace.
With the initial sellers out of the way,oil producer's stock could have clear path to push higher in the months ahead.
Labour's justice spokesman Richard Burgon said the party would use the UN Security Council to block any attempt at military action.
"Your presence has always been a calamity for this region,"President Hassan Rouhani said.
The glow of the state visit was dimmed by reports the White House rejected the PM's request for Hillsong pastor Brian Houston to accompany the delegation.
"We don't want war,but we won't blink to defend our territory,"Iran's foreign minister Javad Zarif said.
He struck a cautious note as his Secretary of State Mike Pompeo landed in Saudi Arabia using stronger language to describe the attacks on Saudi oil facilities.