Oil prices surge after strikes on storage site in Saudi Arabia

Oil prices pressed higher on Monday after strikes on major facilities in Saudi Arabia, the world’s largest exporter, shook energy markets already rattled by a decision by 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 had surged $2.62 on Friday. At 11.55 pm on Monday, Brent was trading at $68.06 a barrel.

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 had jumped $2.26 to $66.09 per barrel on Friday. At 11.55 pm on Monday, WTI was trading at $64.87 a barrel.