Oil Prices Rise After Drones Attacks On Saudi Oil Facilities

Oil Prices Rise After Drones Attacks On Saudi Oil Facilities

Oil prices rise after drones attacks on Saudi oil facilities. Crude oil prices have surged by nearly 20 per cent after two attacks on Saudi Arabian facilities on Saturday knocked out more than 5% of the world’s supply.

Brent Crude, the international benchmark used by oil traders, jumped to $71.95 a barrel at one point.

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

The price of Brent Crude is now up about 10% at $66.64 a barrel, while west Texas intermediate is 9.5% higher at $60.06 after rising as much as 15% earlier.

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.

Together they account for about 50% of Saudi Arabia’s oil output, or 5% of daily global oil production. It could take weeks before the facilities are fully back on line.

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