Oil prices soar over 10% after Saudi attacks

September 16, 2019 08:21

Oil prices surged more than 10 per cent Monday after attacks on two Saudi Arabian plants that slashed output in the world's top producer by half, with Donald Trump blaming Iran and raising the possibility of a military strike on the country.

West Texas Intermediate jumped 10.68 per cent to $ 60.71 and Brent climbed 11.77 per cent to $ 67.31 in early Asia trading following the blasts at facilities run by state-owned giant Aramco.

The attack by Tehran-backed Houthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, effectively shut down six per cent of the global oil supply.

Brent soared almost 20 per cent at one point on Monday, while WTI surged around 15 per cent before paring the gains.

Trump said on Sunday that the United States was 'locked and loaded' to respond to the attack, while Secretary of State Mike Pompeo said: "The United States will work with our partners and allies to ensure that energy markets remain well supplied and Iran is held accountable for its aggression." -- Agencies

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