Terror strike in Saudi Arabia: Oil prices jump most since 1991 Gulf crisis
Oil futures jumped 10% on Monday after an attack on Saudi Arabian crude oil processing facilities over the weekend sliced the kingdom’s production in half and threatened to hamper shipments from the world’s largest crude exporter.
Prices initially surged more than 20% after the open on Sunday evening, with Brent crude posting its biggest intraday gain since the 1990-1991 Gulf crisis, before pulling back as various nations have said they would tap emergency supplies to keep the world supplied with oil. Brent crude futures rose as much as 19.5% to $71.95 per barrel, the biggest intraday jump since January 14, 1991. By 10:37 am EDT (1437 GMT), the international benchmark was up $6.4330, or 10.7%, at $66.67 a barrel.
