Saturday's attacks on key Saudi Arabia processing plants will test the world's ability to handle a supply crisis as it faces the temporary loss of more than 5 percent of global supply from the world's biggest crude exporter.

The Iranian-backed Houthi group in Yemen claimed responsibility for attacks that shut two plants at the Abqaiq facility, the heart of the Saudi oil industry, which will cut the kingdom's production by about 5.7 million barrels per day — more than half of the kingdom's output, according to a statement from state-run Saudi Aramco.

U.S. Secretary of State Michael Pompeo directly blamed Iran for the attacks but provided no evidence for his accusation.