Oil prices rose more than 15% when markets opened on Monday after terrorist attacks on two Aramco’s oil facilities in Saudi Arabia, Reuters reported.
Brent crude futures jumped more than 19% to $71.95 a barrel, while US crude futures rose more than 15% to $63.34 a barrel.
US President Donald Trump announced on Sunday that he had authorized the use of US strategic oil reserves after terrorist attacks on Aramco’s oil facilities that halved the crude oil production in Saudi Arabia.
“Given the attack on Saudi Arabia, which could have an impact on oil prices, I authorized the use of oil from the strategic petroleum reserve, if needed, in a quantity to be determined later,” Trump said on Twitter.
The Saudi Energy Minister, Prince Abdul-Aziz bin Salman said on Sunday that production at the Abqaiq and Higrat Khurais facilities was temporarily halted as a result of Saturday’s terrorist attack.
He explained that these explosions, according to preliminary estimates, led to stop the supply of crude oil estimated at 5.7 million barrels, or about 50% of the company’s production, but part of the production cuts will be compensated for customers through oil reserves.