Saudi oil attacks raise spectre of oil at $100 per barrel, say analysts

The oil market will rally by $5-10 per barrel when it opens on Monday and may spike to as high as $100 per barrel if Saudi Arabia fails to quickly resume oil supply lost after attacks over the weekend, traders and analysts said. Attacks on two plants at the heart of the kingdom’s oil industry on Saturday knocked out more than half of Saudi crude output, or 5 per cent of global supply.

Industry sources have said it may take weeks to bring production fully online.

Bob McNally, Rapidan Energy

Crude prices would spike by at least $15-20 per barrel in a seven-day disruption scenario and go well into triple digits in a 30-day scenario.