Oil surges as Saudi attack focuses market on supply risks
Oil prices surged on Monday, 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 19.5 per cent to $71.95 per barrel, the biggest intra-day jump since January 14, 1991. The front-month contract was at $66.20 per barrel, up $5.98, or 9.9 per cent, from the previous close, at 0343 GMT.
US West Texas Intermediate (WTI) futures climbed by as much as 15.5 per cent 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 8.9 per cent, at 0343 GMT.
