Attack On Saudi Oil Facilities Sends Oil Prices to Record Highs
- 5 years ago
The price of oil saw a massive price spike Monday following what are believed to be drone strikes on Saudi oil facilities over the weekend that has shut off more than half of the kingdom's daily exports... that's roughly 5-percent of the world's crude production.
Benchmark Brent crude briefly surged almost 20-percent in early trading before settling closer to 10-percent... up 6 dollars to 66-28 per barrel.
It rose again in the early afternoon... topping 70 dollars for an increase of some 15-percent.
The U.S. benchmark West Texas crude rose more than 10-percent..
The increase following Saturday's attacks on Saudi Arabia's Abqaiq oil processing plant and the Khurais oil field is the single-largest daily surge in crude prices in years.
Benchmark Brent crude briefly surged almost 20-percent in early trading before settling closer to 10-percent... up 6 dollars to 66-28 per barrel.
It rose again in the early afternoon... topping 70 dollars for an increase of some 15-percent.
The U.S. benchmark West Texas crude rose more than 10-percent..
The increase following Saturday's attacks on Saudi Arabia's Abqaiq oil processing plant and the Khurais oil field is the single-largest daily surge in crude prices in years.