Oil prices soared on Monday, with Brent crude posting its biggest intra-day percentage gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut about 5% of global supply.
Brent crude futures, the international benchmark, rose by as much as 19.5% to $71.95 per barrel, the biggest intra-day jump since Jan. 14, 1991. The front-month contract was at $66.28 per barrel, up $6.06, or 10.1%, from its previous close, by 04:49 GMT.
U.S. West Texas Intermediate (WTI) futures climbed by as much as 15.5% to $63.34 a barrel, the biggest intra-day percentage gain since June 22, 1998. The front-month contract was at $59.77 a barrel, up $4.92, or 9%, at 04:49 GMT.
Saudi Arabia is the world's biggest oil exporter and the attack on state-owned producer Saudi Aramco's crude processing facilities at Abqaiq and Khurais has cut output by 5.7 million barrels per day. The company has not given a timeline for the resumption of full output.
Source : Reuters