Brent jumps 12% after attack at Aramco

Last Updated: Mon, Sep 16, 2019 13:09 hrs
FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference in Manama

Mumbai: The global benchmark oil price, the Brent crude, jumped nearly 12 per cent on Monday.

This is one the biggest-single day leap in recent times, which came after the drone attacks at the world's largest oil processing facility at Aramco in Saudi Arabia.

At 7.48 a.m., the Brent was trading higher by 11.09 per cent at $66.90 a barrel.

Owing to subued demand and trade tension, the Brent Crude had declined for the fourth consecutive session on Friday. The Brent crude oil prices had closed slightly higher than the $60 a barrel mark.

The drone attacks claimed by Yemen's Houthi rebels set alight two major oil facilities run by the state-owned company Aramco in Saudi Arabia on Saturday, the Kingdom's Interior Ministry said.

The Saudi Press Agency, citing a statement by the Ministry, said that the drones caused the fire at the refinery in the city of Abqaiq in the Kingdom's oil-rich Eastern Province, as well as the blaze at the Khurais oil field, around 150 km from Riyadh.