Tag Archives: Saudi Arabia oil attack: Trump hints at action as US points finger at Iran

Middle East: Saudi oil attacks push prices up by highest price surge since 1988

Price of Brent crude surges by more than $12 a barrel as 5% of world’s oil supply is wiped out

Saudi Oil Attack

The Saudi oil attacks have triggered the steepest crude market price surge in 30 years and stoked fears for the global economy.

The attacks on Saudi Arabia’s oil infrastructure led to the biggest jump in global prices since 1988 by wiping out 5.7m barrels of production a day – 5% of the world’s oil supply.

The price of Brent crude surged by more than $12 (£9.60) a barrel within seconds as trading began in London, quickly climbing to highs of $70.88 – a rise of more than 19% – before settling lower in a day of record-breaking oil trading. By Monday evening oil was trading at nearly $69, up 15% on the day.                Continue reading

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