Production at Aramco cut by half after drone attack; oil prices up by 10%
Oil prices surged more than 10 per cent Monday after attacks on two Saudi Arabian plants that slashed output in the world’s top producer by half, with Donald Trump blaming Iran and raising the possibility of a military strike on the country.
West Texas Intermediate jumped 10.68 per cent to $60.71 and Brent climbed 11.77 per cent to $67.31 in early Asia trading following the blasts at facilities run by state-owned giant Aramco.
The attack by Tehran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, effectively shut down six percent of the global oil supply.
