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Brent crude surged the most on record Monday after a drone strike on a Saudi Arabian oil facility removed about 5% of global supplies.
Here is what you need to know:
Here is what you need to know:
Brunt crude oil futures jumped as much as $11.73 a barrel to $71.95 as the market opened Monday in Asia, the biggest advance in dollar-terms since futures started trading in 1988.
It rose as much as 19.5%, the biggest gain in percentage terms since 1991.
It rose as much as 19.5%, the biggest gain in percentage terms since 1991.
Here is another chart showing Brent's historic move.
In New York, the West Texas Intermediate contracts were frozen for about two minutes after the scale of the move delayed the market open.
When trading did start, WTI crude futures jumped as much as 15.5% to $63.34, the most since 2008
When trading did start, WTI crude futures jumped as much as 15.5% to $63.34, the most since 2008
Saudi Aramco lost about 5.7 million barrels per day of output on Saturday after 10 unmanned aerial vehicles struck the world’s biggest crude-processing facility in Abqaiq and the kingdom’s second-biggest oil field in Khurais
(For oil markets, it’s the single worst sudden disruption ever, surpassing the loss of Kuwaiti and Iraqi petroleum supply in August 1990, when Saddam Hussein invaded his neighbor)
Saudi Arabia can restart a significant volume of the halted oil production within days, but needs weeks to restore full output capacity, people familiar with the matter told Bloomberg.
Aramco could consider declaring itself unable to fulfill contracts on some international shipments -- known as force majeure -- if the resumption of full capacity at Abqaiq takes weeks
The Trump administration said it’s ready to deploy the nation’s emergency oil reserves and help stabilize markets if needed
Iran-backed Houthi rebels in Yemen claimed credit for the attack, but U.S. Secretary of State Mike Pompeo blamed Iran directly
The attacks mark at least the sixth time in four months that Saudi energy facilities or tankers carrying the kingdom’s oil have been targeted
Update — oil has slipped a tad but still up the most in almost a year
