#Saudi strikes and spiking oil price raise spectre of ‘black swan’ | Financial Times

Saudi strikes and spiking oil price raise spectre of ‘black swan’ | Financial Times:

The twists and turns of the US-China trade war and Britain’s torturous departure from the EU have consumed asset managers in recent years as they fretted over the possible impact on their portfolios.

But investors this month were jolted by an unexpected threat in the form of volatile oil prices after Saudi Arabia’s oil processing facilities were damaged by drone and missile strikes, knocking out around half of Saudi oil production.

A 20 per cent surge in the price of Brent crude ensued, the largest intraday percentage rise since Saddam Hussein invaded Kuwait in 1990.