Oil prices surge after attack on Saudi Arabia oil site

Oil prices pressed higher Monday after strikes on major oil facilities in Saudi Arabia, the world’s largest oil exporter, shook energy markets already rattled by a decision by oil producers last week to not lift output.

Brent crude, the international standard, surpassed $70 per barrel for the first time in over a year, gaining $1.14 to $70.47 a barrel. It surged $2.62 on Friday.

Benchmark US crude oil added $1.10 to $67.19 per barrel, up 1.7 per cent, falling back from bigger gains earlier in the day. It jumped $2.26 to $66.09 per barrel on Friday.

Prices have been recovering in the past few months after plunging last year with the onset of the pandemic.