Oil prices surged on Sunday following a spate of drone attacks on Saudi Arabia’s oil supplies.
Bloomberg reports the increase in Brent crude, which jumped as much as 19.5% on Sunday, was the most on record after the drone strikes impacted about 5 percent of global oil supplies due to state producer Saudi Aramco losing roughly 5.7 million barrels of output per day.
The jump in prices went from about $12 to $71.95 a barrel as the market opened in Asia Monday is the largest in dollar-terms since futures began trading in 1988, according to the news outlet.
The attack was claimed by Houthi rebels in Yemen, who launched two drone strikes against two oil refineries in Saudi Arabia. One of the refineries is the largest crude-processing facility in the world.
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Oil prices soar after drone attacks on Saudi Arabia supply https://t.co/9ALSbBNY3u pic.twitter.com/D0CRrvhmd7
— The Hill (@thehill) September 16, 2019
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