Oil Prices Jump The Highest Ever! Brent Crude Oil Soars 12% After Drone Attack Cuts Saudi Arabian Supplies

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.

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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. Saudi Arabia oil facilities ablaze after drone strikes Drone attacks set alight two major oil facilities run by the state-owned company Aramco in Saudi Arabia on September 14, the state media reported. The Saudi Press Agency said that the drones caused the fire at the refinery in the city of Abqaiq in the Kingdom's oil-rich Eastern Province, which Aramco describes as the world's largest oil processing plant, as well as the blaze at the Khurais oil field, around 150 km from Riyadh. Multiple videos posted on social media earlier on Saturday showed an Aramco compound engulfed in flames and thick black smoke billowing from the site. In some vidoes, several loud bangs resembling the sound of explosions can be heard in the background. Saudi Arabia accuses Iran of arming and directing the Houthi rebels in Yemen to launch drone and rocket attacks across the kingdom's border.