Brent crude has jumped 20 %, its biggest jump in 28-years time, following Saturday’s drone attack on the ‘’world’s most important oil processing plant’’.
Brent crude on Sunday traded at $70.98 per barrel on oil futures markets, an 18 percent surge from Friday’s close of $60.15, before falling back to about a 12 percent increase. U.S. benchmark West Texas intermediate crude opened at $61.27 per barrel, a 12 percent climb, before easing to a 10 percent gain.
On Sunday, President Trump said via Twitter that he had authorized the release of oil from the Strategic Petroleum Reserve in a to-be-determined amount. He added that he told government agencies “to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States.”
Washington Post/ oilprice