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Dubai News

Oil prices rise more than 10% after Saudi plant attacks

date

16-Sep-2019

Hong Kong:  Oil prices saw a record surge Monday after attacks on two Saudi facilities slashed output in the world's top producer by half, fuelling fresh geopolitical fears as Donald Trump blamed Iran and raised the possibility of a military strike on the country.
 
Brent futures surged $12 in the first few minutes of business - the most in dollar terms since they were launched in 1988 and representing a jump of nearly 20 percent - while WTI jumped more than $8, or 15 percent. Both contracts pared the gains but were both still more than 10 percent up.
 
The attack by Houthi rebels in neighbouring Yemen hit two sites owned by state-run giant Aramco and effectively shut down six per cent of the global oil supply. Trump said Sunday the US was "locked and loaded" to respond to the attack, while Secretary of State Mike Pompeo said: "The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression."
 
Trump said Sunday the US was "locked and loaded" to respond to the attack, while Secretary of State Mike Pompeo said: "The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression."
 

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