International benchmark Brent crude futures popped on Monday in Asia, moving above $70 for the first time in more than a year.
The surge in oil prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday. A Houthi military spokesman claimed responsibility for the attacks, CBNC report said.
Oil prices climbed more than 2% earlier in the session, but have since pared their gains with Brent up just 0.89% at $69.98 and U.S. crude futures rising 0.83% at $66.64.
International benchmark Brent crude futures popped during Asian trading hours Monday, moving above $70 a barrel for the first time in more than a year.
The surge in oil prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday. A Houthi military spokesman claimed responsibility for the attacks.
Oil prices climbed more than 2% earlier in the session, but have since pared their gains with Brent just 0.89% at $69.98 and US crude futures rising 0.83% at $66.64.
Saudi Arabia’s ministry of energy said a petroleum tank farm at one of the world’s largest oil shipping ports was attacked by a drone and a ballistic missile targeted Saudi Aramco facilities, according to state news agency SPA.
