Crude oil prices surge after Saudi Arabia plant attack

Crude oil prices surge after Saudi Arabia plant attack

An attack on a critical Saudi Arabia oil plant pushed crude prices sharply higher Monday, though its longer-term impact depends on how long production

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An attack on a critical Saudi Arabia oil plant pushed crude prices sharply higher Monday, though its longer-term impact depends on how long production is disrupted and what this weekend’s attack presages for the future.U.S. crude oil jumped US$5.61 per barrel, or 10.2 per cent, to US$60.46 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, surged US$7.84 per barrel, or 13 per cent, to US$68.06 per barrel.Yemen’s Iran-backed Houthi rebels claimed responsibility for the attack on the Saudi Aramco facility, Saudi Arabia’s largest oil processing plant. It halted production of 5.7 million barrels of crude a day, more than half of Saudi Arabia’s global daily exports and more than 5 per cent of the world’s daily crude oil production. Most output goes to Asia.WATCH: U.S. blacklists oil shipping network allegedly run by Iran Revolutionary Guards

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