Oil prices soar after attacks on Saudi facilities

Sun Online Desk

17th September, 2019 02:05:53 printer

Oil prices soar after attacks on Saudi facilities

 

Oil prices ended nearly 15% higher on Monday, with the Brent benchmark seeing its biggest jump in about 30 years.

The rise came after two attacks on Saudi Arabian facilities on Saturday knocked out about 5% of global supply.

Brent crude initially surged 20% at the start of trading, but eased back to end at $69 a barrel, up 14.6%. US oil prices finished up 14.7%, the biggest jump since 2008.

Prices fell back after President Donald Trump vowed to release US reserves, reports BBC.

The strike, which the US blames on Iran, has sparked fears of increased risk to energy supplies in the region.

However, prices remain below Brent's 12-month high of $86.29 a barrel seen last October, when West Texas Intermediate also climbed to more than $76 a barrel.

The drone attacks on plants in the heartland of Saudi Arabia's oil industry hit the world's biggest petroleum-processing facility as well as a nearby oil field, both of which are operated by energy giant Aramco.


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