Oil prices rise 15% after attack on Saudi facilities hits global supply vanguardngr.com vanguardnews
Oil prices surged more than 15% to their highest level in nearly four months at the open on Sunday after an attack on Saudi Arabia’s oil facilities on Saturday that knocked out more than 5% of global oil supply.
Reuters reported prices were first up by 12% as gains were capped after US President Donald Trump said he authorised the release of oil from the US Strategic Petroleum Reserve if needed in a quantity to be determined because of the attack on Saudi’s facilities. Aramco gave no timeline for output resumption. A source close to the matter told Reuters the return to full oil capacity could take “weeks, not days.”
“Even if the outage normalizes quickly, the threat of sidelining nearly 6% of global oil production is no longer a hypothetical, a black swan or a fat tail. Welcome back, risk premium.”
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