Oil prices hit their highest in four months after two attacks on Saudi Arabian facilities in the weekend knocked out more than 5% of global supply.
At the start of trading, Brent crude jumped 19% to $71.95 a barrel, while the other major benchmark, West Texas Intermediate, rose 15% to $63.34.
Prices eased back slightly after US President Donald Trump authorised the release of US reserves.
A handout photo made available by NASA Worldview shows a satellite image of smoke from fires at two major oil installations in eastern Saudi Arabia, 14 September 2019 (issued 15 September 2019), following alleged drone attacks claimed by Yemen’s Houthi rebels. According to Saudi state-owned oil company Aramco, two of its oil facilities in Saudi Arabia, Khurais and Abqaiq, were set on fire on 14 September after allegedly having been targeted by drone attacks. In picture is seen Bahrain (island, top) and Qatar (peninsula, R). EPA-EFE/NASA WORLDVIEW HANDOUT It could take weeks before the Saudi facilities are fully back on line. Houthi rebels in Yemen took the responsibility for the attack. The drone attacks on plants in the heartland of Saudi Arabia’s oil industry included hitting the world’s biggest petroleum-processing facility.
State oil giant Saudi Aramco said the attack cut output by 5.7 million barrels per day.
Via BBC
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