Reuters: Oil soars after attack on Saudi plants shuts in 5% of global supply
Oil prices soared on Monday, with Brent crude posting its biggest intra-day percentage gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut about 5% of global supply.
Brent crude futures, the international benchmark, rose by as much as 19.5% to $71.95 per barrel, the biggest intra-day jump since January 14, 1991, Reuters said. The front-month contract was at $66.28 per barrel, up $6.06, or 10.1%, from its previous close, by 0449 GMT.
U.S. West Texas Intermediate (WTI) futures climbed by as much as 15.5% to $63.34 a barrel, the biggest intra-day percentage gain since June 22, 1998. The front-month contract was at $59.77 a barrel, up $4.92, or 9%, at 0449 GMT.
Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output.
A source close to the matter told Reuters the return to full oil capacity could take "weeks, not days."
Saudi Arabia's oil exports will continue as normal this week as the kingdom taps into stocks from its large storage facilities, an industry source briefed on the developments told Reuters on Sunday.