Oil jumps above $70 after Saudi Arabian crude terminal attacked
Oil surged above $70 a barrel in early Asian trading after Saudi Arabia said an energy facility was attacked, with prices extending gains after OPEC+ last week said it would keep production steady.
Futures in London jumped as much as 2.6% after rising 4.9% last week. The kingdom said a storage tank in the Ras Tanura export terminal in the country’s Gulf coast was attacked on Sunday by a drone from the sea. Output appeared to be unaffected after the barrage of missiles and drones were intercepted.
Oil climbed last week after Saudi Arabia and OPEC+ made a surprise pledge to maintain output steady in April, accelerating a rally this year that has seen prices surge more than 35%. The move prompted a raft of investment banks to raise their price forecasts, with Goldman Sachs Group Inc. estimating global benchmark Brent will top $80 a barrel in the third quarter.
