Oil Starts To Stabilize After Saudi Facility Attack – 16 September, 2019

Oil prices jumped almost 15% higher after attacks on Saudi Arabia’s crude facilities, with International Brent crude reaching its highest in over 30 years, before settling slightly lower. After falling roughly 1% after the spike, Brent crude was last standing at $68.25 per barrel, down 77 cents or 1.1%. U.S. West Texas Intermediate crude was steady at $62.08 per barrel, down 82 cents or 1.3%. The attack on Saudi facilities cut output by 5.7 million barrels per day. Tensions could worsen in the Middle East, with Iran being looked at as the main suspect for the attacks.