Brent crude breaks $70 after Saudi Arabia’s oil facilities attacked by Yemen’s Houthis (CNBC)

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    Brent crude breaks $70 after Saudi Arabia’s oil facilities attacked by Yemen’s Houthis – By Abigail Ng (CNBC) / Mar 7 2021

    • International benchmark Brent crude futures popped on Monday, moving above $70 a barrel for the first time in more than a year.
    • The surge in oil prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday. A Houthi military spokesman claimed responsibility for the attacks.
    • Oil prices climbed more than 2% earlier in the session, but have since pared their gains with Brent trading up just 0.2% at $69.50 and U.S. crude futures rising 0.2% at $66.22.

    International benchmark Brent crude futures popped on Monday, moving above $70 a barrel for the first time in more than a year.

    The surge in oil prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday. A Houthi military spokesman claimed responsibility for the attacks.

    Oil prices climbed more than 2% earlier in the session, but have since pared their gains with Brent trading up just 0.2% at $69.50 and U.S. crude futures rising 0.2% at $66.22.

    Saudi Arabia’s ministry of energy said a petroleum tank farm at one of the world’s largest oil shipping ports was attacked by a drone and a ballistic missile targeted Saudi Aramco facilities, according to state news agency SPA.

    CONTINUE > https://www.cnbc.com/2021/03/08/brent-breaks-70-after-houthis-attack-saudi-arabias-oil-facilities.html

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