FrontNewsTop StoriesWorld

Oil prices soar high after attack on Saudi oil facilities

Oil prices soar over more than 10 per cent Monday after weekend attacks on two Saudi Arabian plants that slashed output in the world’s top producer by half.

While Donald Trump blaming Iran, said that 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.”

West Texas Intermediate jumped 10.68 percent to USD 60.71 and Brent climbed 11.77 per cent to USD 67.31 in early Asia trading following the blasts at facilities run by state-owned giant Aramco.

The attack by Tehran-backed Huthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, effectively shut down six percent of the global oil supply.

Brent soared almost 20 per cent at one point on Monday, while WTI surged around 15 per cent before paring the gains.

Tehran denies the accusations but the news has revived fears of a conflict in the tinderbox Middle East after a series of attacks on oil tankers earlier this year that were also blamed on Iran.

“Tensions in the Middle East are rising quickly, meaning this story will continue to reverberate this week even after the knee-jerk panic in oil markets this morning,” said Jeffrey Halley, senior market analyst at OANDA.

Tags

NMTV

NMTV was launched in the year 1999, and is Maharashtra only accredited 24-hour, 7-day-a-week local cable news station of Navi Mumbai airing news bulletins and programs in English, Hindi and Marathi. NMTV represents the state-of-the-art in local television news coverage, delivering on a commitment of responsible and community-oriented journalism on an around-the-clock basis.

Related Articles

Back to top button
Close
Close