Oil surges, stock futures slip after attack on Saudi facility
Oil prices surged to four-month highs on Monday while Wall Street futures fell and safe-haven bets returned after weekend attacks on Saudi Arabia’s crude facilities knocked out more than 5 per cent of global oil supply.
US crude futures were last up 11 per cent at $61.10 a barrel, coming off highs on expectations other global oil suppliers would step in to lift output. Brent crude soared 13 per cent at $68.06 after earlier rising to $71.95.
Yemen’s Iran-backed Houthi rebel group had claimed responsibility for the attack, which hit the world’s biggest oil-processing facility, but a senior US official told presspersons on Sunday that evidence indicated Tehran was behind it.
