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.
