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Saudi Energy Minister Prince Abdulaziz bin Salman. Photo: -/AFP/Getty Images

Saudi Arabia hopes to fully restore oil output curtailed by Saturday's attacks by the end of September and have already revived 50% of the lost production, the kingdom's energy minister said Tuesday, per multiple reports.

Why it matters: The comments by Prince Abdulaziz bin Salman — and an earlier Reuters report of the rough timeline — are putting downward pressure on oil prices, which had soared in the wake of the attacks against a major processing plant and oilfield.

Where it stands: The attacks cut production from the kingdom — the world's largest crude oil exporter — by 5.7 million barrels per day.

  • Per the Associated Press's summary of the minister's press conference Tuesday, he said production capacity will be up to 11 million barrels per day by the end of September.
  • Oil prices have fallen by several dollars per barrel today, though they remain above pre-attack levels.
  • Per OilPrice.com, the global benchmark Brent crude dropped by well over 6% Tuesday and is currently trading at $63.22 per barrel. West Texas Intermediate, the main U.S. contract, has also fallen sharply.

The big picture: The aerial strikes have roiled markets and led President Trump to signal that he's considering retaliation against Iran, whom Secretary of State Mike Pompeo has blamed for the attacks.

What they're saying: "The oil market has gone from pricing in the worst-case scenario, in terms of lost Saudi oil supplies, to one of the best case scenarios, considering the scope and scale of the attack,” oil analyst John Kilduff of Again Capital tells The Washington Post.

Go deeper: Fallout from Saudi Arabia strikes is everywhere

Go deeper

Updated 1 hour ago - World

Pentagon: 8,500 troops on high alert for possible deployment to eastern Europe

Photo: Anna Moneymaker/Getty Images

Defense Secretary Lloyd Austin has placed 8,500 U.S. troops on "heightened preparedness to deploy" to eastern Europe in case NATO activates its rapid-response force over tensions with Russia, the Pentagon announced Monday.

Why it matters: No decisions have been made to deploy U.S. forces, but the heightened alert level will allow the military to rapidly shore up NATO's eastern flank in the event that Russia invades Ukraine. The Pentagon warned that Russia has shown "no signs of de-escalating," and continues to amass troops on Ukraine's borders.

Alabama's new congressional map rejected by federal judges

The Alabama State Capitol in Montgomery. Photo: Taylor Hill/Getty Images

Federal judges on Monday night blocked Alabama's newly drawn congressional map and ordered the Republican-led State Legislature to create a new one that includes two districts, rather than the planned one.

Why it matters: "Black voters have less opportunity than other Alabamians to elect candidates of their choice to Congress," the panel of three judges wrote in their ruling.

Australian Open organizers reverse "Where is Peng Shuai?" t-shirt ban

Chinese tennis player Peng Shuai during the 2020 Australian Open in Melbourne. Photo: Bai Xue/Xinhua via Getty Images

Australian Open organizers on Tuesday reversed a ban on t-shirts supporting Chinese tennis player Peng Shuai following widespread criticism.

Why it matters: Tennis Australia's announcement came less than 24 hours after the governing body defended the decision to ask fans last Friday to remove "Where is Peng Shuai?" t-shirts, citing ticket policy prohibiting political clothing, per the BBC.