Global oil prices jumped on global markets Sunday night after a wave of weekend drone attacks instantly erased half of Saudi Arabia’s oil production.
Brent crude on Sunday traded at $70.98 per barrel on oil futures markets, an 18 percent surge from Friday’s close of $60.15, before falling back to about a 12 percent increase. U.S. benchmark West Texas intermediate crude opened at $61.27 per barrel, a 12 percent climb, before easing to a 10 percent gain.
The attack on Saudi Aramco, the world’s largest oil producer is expected to have major on the global crude markets for weeks if not months.
On Sunday, President Trump said via Twitter that he had authorized the release of oil from the Strategic Petroleum Reserve in a to-be-determined amount. He added that he told government agencies “to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States.”