Oil surges as Saudi attack focuses market on supply risks

Oil surges as Saudi attack focuses market on supply risks

London (Web Desk): Oil prices on Monday surged, with Brent crude posting its biggest intra-day percentage gain since the start of the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut in the equivalent of 5 per cent of global supply.


Benchmark Brent crude futures rose by as much as 19.5pc to $71.95 per barrel, the biggest intra-day jump since Jan. 14, 1991. The front-month contract was at $66.20 per barrel, up $5.98, or 9.9pc, from their previous close, at by 0343 GMT.

US West Texas Intermediate (WTI) futures climbed by as much as 15.5pc to $63.34 a barrel, the biggest intra-day percentage gain since June 22, 1998. The front-month contract was at $59.73 a barrel, up $4.88, or 8.9pc, at 0343 GMT.

Saudi Arabia is the world's biggest oil exporter and the attack on the state-owned producer Saudi Aramco's processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output.