Global oil prices, which have spiked following last weekend's drone attacks on two of Saudi Arabia's key oil facilities, seem to be stabilizing at a faster pace than originally projected.
Oil prices dropped over five percent on Tuesday after Saudi Arabia's energy minister said the kingdom had successfully restored its oil production.
As of Tuesday morning, West Texas Intermediate crude was trading at just under 60 U.S. dollars a barrel, down five percent from the previous day.
Brent crude also dropped by over five percent, trading at around 65 dollars a barrel.
Oil prices soared nearly 15 percent on Monday in response to the attacks.
Citing Saudi government sources, Reuters reports the country's oil output is expected to be back to normal within the next two to three weeks.
This comes as U.S. Vice President Mike Pence said on Tuesday that Washington is reviewing evidence that suggests Iran was behind the attacks, and the U.S. is ready to defend its allies in the Middle East.
Speaking at the Heritage Foundation in Washington, he stressed that President Trump will determine the best course of action in the coming days.
This comes after Trump hinted Sunday on possible military action, saying the U.S. is "locked and loaded."
Pence also revealed that U.S. Secretary of State Mike Pompeo left for Saudi Arabia on Tuesday to discuss countermeasures to the attacks.
On a related note, a senior U.S. official told CBS News on Tuesday that the drones were launched from southern Iran, at the northern end of the Persian Gulf.
The official said the exact locations have been identified from which some 20 drones and cruise missiles were launched against Saudi Arabia's oil facilities.
Kim Hyo-sun, Arirang News.