Oil futures are soaring after an attack on Saudi oil facilities threatens to create a global supply crunch.
Oil futures surged in electronic trading Sunday, with West Texas Intermediate set to jump more than 10% on Monday after a weekend drone attack on major crude facilities in Saudi Arabia threatened to create a supply crunch that was roiling global crude markets.
The run-up in prices would also place both Brent oil and WTI at their highest levels since around May. Analysts at S&P Global Platts estimated that Brent oil, the international benchmark, could see a $5 or $10 price surge from its current levels, which could push it to test the $70 range. The Abqaiq facility normally produces 9.8 million barrels of oil a day and is considered one of the world’s largest processors of crude.
— Donald J. Trump September 15, 2019 The U.S. Department of Energy said the 630 million barrels from the SPR, the largest stockpile of crude in the world, would be made available “to offset any disruptions to oil markets as a result of this act of aggression.”The threat of further escalation involving the U.S. also holds the potential to drive crude prices higher still. Trump on Sunday said the U.S. was “locked and loaded,” suggesting that military action may be undertaken. U.S.
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