Oil surges after attack on #Saudi oil facilities shuts in 5% of global supply - Reuters

Oil surges after attack on Saudi oil facilities shuts in 5% of global supply - Reuters:

Oil prices surged on Monday, with Brent crude posting its biggest intra-day percentage gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut over 5% of global supply.

But prices came off their peaks after U.S. President Donald Trump authorized the use of the country’s emergency stockpile to ensure stable supply.

Brent crude futures, the international benchmark, rose by as much as 19.5% to $71.95 per barrel, the biggest intra-day jump since Jan. 14, 1991. By 0633 GMT, the front-month contract was at $66.31, up $6.09, or 10.1%, from its previous close.

U.S. West Texas Intermediate (WTI) futures climbed by as much as 15.5% to $63.34, the biggest intra-day percentage gain since June 22, 1998. The front-month contract was at $59.80, up $4.95, or 9%.