Brent crude oil spikes the most in history after Saudi attacks, last up 12%
Oil prices soared after a coordinated attack hit the heart of Saudi Arabia’s oil industry on Saturday, forcing the kingdom to cut its oil output in half.
Brent crude futures, the international benchmark, rose as much as 19.5% to $71.95 per barrel at the open, the biggest intraday jump on record. By 12:39 p.m. ET, the contract was at $67.98, up $7.76 or 12.92%.
U.S. West Texas Intermediate futures climbed as much as 15.5% to $63.34. The contract was later at $61.89, up $7.04 or 12.84%.
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday, knocking out 5.7 million barrels of daily crude production or 50% of the kingdom’s oil output. Saudi Aramco, the national oil company, reportedly aims to restore about a third of its crude output, or 2 million barrels by Monday.