NEW YORK: 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.
Brent crude futures jumped more than 19% to a session high of US$71.95 a barrel at the opening, while U.S. crude futures surged more than 15% to a session high of $63.34 a barrel. Both benchmarks rose to the highest since May.
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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