OIL PRICES SURGE THE MOST IN 25 YEARS-Stock Market News

OIL PRICES SURGE THE MOST IN 25 YEARS-Stock Market News. Brent crude futures jumped 19% on resuming trade Monday, the market’s biggest move in 28 years and traded back above a barrel for the first time since May. West Texas Intermediate crude surged as much as 15.5% to a high of .34 a barrel.

Before the attack, Saudi Arabia was pumping about 9.8 million barrels a day, almost 10% of global production. Aramco could consider declaring itself unable to fulfill contracts on some international shipments.

Iran-backed Houthi rebels in Yemen claimed responsibility for the attacks, but U.S. Secretary of State Michael Pompeo blamed Iran directly, without offering evidence for that conclusion. Iran’s Foreign Ministry described Pompeo’s remarks as “blind and fruitless accusations.”
Aramco will be able to keep customers supplied for several weeks by drawing on a global storage network. The Saudis hold millions of barrels in tanks in the kingdom itself, plus three strategic locations around the world: Rotterdam in the Netherlands, Okinawa in Japan, and Sidi Kerir on the Mediterranean coast of Egypt.

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OIL PRICES SURGE THE MOST IN 25 YEARS-Stock Market News