Brent rises 1% as #Saudi supply risks come into focus - Reuters

Brent rises 1% as Saudi supply risks come into focus - Reuters:

Brent crude oil prices rose more than 1% on Thursday on fears of longer-than-expected supply shortfalls following Saturday’s attacks on a key Saudi Arabian oil processing facility and escalating tensions in the Middle East.

Global benchmark Brent LCOc1 settled 80 cents, or 1.3%, higher at $64.40 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 pared earlier gains and ended largely steady at $58.13 a barrel, just 2 cents firmer.

Saturday’s attacks knocked out around half of Saudi Arabia’s crude production and severely limited the country’s spare capacity, a cushion for oil markets in any unplanned outage. Tensions have escalated as the United States and Saudi Arabia blamed the attacks on Iran.