Oil prices soar after attacks in Saudi Arabia
Oil prices rose by nearly 20 percent – the biggest intra-day gain since 1991 – after the attack on Saudi Arabian oil facilities over the weekend.
The prices came off the record peak after the US President authorised the use of the country’s reserves to ensure stable supply.
But given the fact that the attack shut half of Saudi Arabia’s output – that is 5% of the world’s supply – oil prices are still trading at their highest level in a few months.