Monday 16 September 2019
Crude oil prices spiked by over 20% this morning after strikes on Saudi Arabia's oil facilities at the weekend. The attacks were claimed by Yemen's Houthi rebels; however, the U.S. believe
Iran is behind the drone strikes. Half of Saudi's crude oil production or around 5.7 million barrels per day has been disrupted. Brent traded up to $71.95 in overnight exchanges in Asian markets but is currently holding around $5.00 a barrel up on Friday's close at $65.35 a barrel after the U.S. agreed to release their emergency stockpile to ensure a stable supply. In the gas markets, futures are retreating off earlier highs with October just 0.30p up now and the prompt has yet to trade.