Oil surges as Saudi attack focuses market on supply risks
SINGAPORE/SEOUL - 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.
U.S. West Texas Intermediate 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 0449 GMT. Saudi Arabia’s oil exports will continue as normal this week as the kingdom taps into stocks from its large storage facilities, an industry source briefed on the developments told Reuters on Sunday.
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