RIYADAH, Sept 16 (NNN-AGENCIES) – Global oil prices surged the most on record after a drone strike on a Saudi Arabian oil plant removed about 5 per cent of global supplies.<\/p>\n\n\n\n
In one of the most dramatic oil market openings, Brent futures jumped almost $12 a barrel in the seconds after trading started on Monday, the biggest advance in dollar terms since they were launched in 1988.<\/p>\n\n\n\n
On the New York Mercantile Exchange, West Texas Intermediate contracts were frozen for about two minutes after the scale of the jump delayed the market open.<\/p>\n\n\n\n
State energy producer Saudi Aramco\u00a0lost about 5.7 million barrels per day of output on Saturday\u00a0after 10 drones struck the world\u2019s biggest crude-processing facility in Abqaiq and the kingdom\u2019s second-biggest oilfield in Khurais.<\/p>\n\n\n\n
For oil markets, it is the single worst sudden disruption ever, surpassing the loss of Kuwaiti and Iraqi petroleum supply in August 1990, when Saddam Hussein invaded his neighbour.<\/p>\n\n\n\n
It also exceeds the loss of Iranian oil output in 1979 during the revolution, data from the US Department of Energy shows.<\/p>\n\n\n\n
The unprecedented move in oil reverberated around financial markets.<\/p>\n\n\n\n
Haven assets including gold, the yen and Treasuries surged on concern over the geopolitical fallout from the attacks.<\/p>\n\n\n\n
Currencies of commodity-linked nations including the Norwegian krone and the Canadian dollar also advanced. US petrol futures jumped as much as 13 per cent.<\/p>\n\n\n\n
US President Donald Trump authorised the release of oil from the nation\u2019s emergency reserves in response to the Saudi supply disruption.<\/p>\n\n\n\n
As the oil market opened in early Asian trading, Brent jumped as much as 19.5 per cent on ICE Futures Europe, its biggest gain in percentage terms since 1991.<\/p>\n\n\n\n
In the following minutes, it pared some of that advance to trade 13 per cent higher at $68.21 a barrel at 7.52am in Singapore.<\/p>\n\n\n\n
Trading in WTI was frozen for a few minutes because of a so-called circuit breaker, which is triggered by a gain of more than 7 per cent.<\/p>\n\n\n\n
When they finally opened, futures jumped as much as 15.5 per cent to $63.34, the most since 2008.<\/p>\n\n\n\n
NNN-AGENCIES <\/p>\n","protected":false},"excerpt":{"rendered":"
RIYADAH, Sept 16 (NNN-AGENCIES) – Global oil prices surged the most on record after a drone strike on a Saudi Arabian oil plant removed about 5 per cent of global supplies. In one of the most dramatic oil market openings, Brent futures jumped almost $12 a barrel in the seconds after trading started on Monday, […]<\/p>\n","protected":false},"author":16,"featured_media":13590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[296],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/42546"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42546"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/42546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/13590"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42546"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}