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Oil Prices Rises After Attacks on Saudi Oil

Dubai – Masaader News

Oil prices have been rose by nearly 20% after two attacks on Saudi Arabian facilities on Saturday knocked out more than 5% of the world’s supply, according to BBC.

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

US oil prices also spiked, but both trimmed gains as President Donald Trump authorised the release of US reserves.

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 currently 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, both of which are operated by energy giant Aramco.

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