Saudi stock market dives, crude futures to jump after attack on oil plants
Smokes billows from the Abqaiq, Saudi Arabia crude processing facility after drone strikes Saturday, Sept. 14, 2019DUBAI — Saudi Arabia's stock market fell by 2.3% at Sunday's open as the country grappled with weekend drone attacks on the heart of its oil production facilities in Abqaiq and Khurais claimed by Yemen's Houthi rebels.
"A small $2-$3 premium would emerge if the damage appears to be an issue that can be resolved quickly, and $10 if the damage to Aramco's facilities is significant leasing to prolonged supply outages," Ayham Kamel, practice head for the Middle East and North Africa at Eurasia group, said in a research note Sunday. That's up to 25 cents higher per gallon of gasoline.
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