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Oil Prices Rise by more than 15pc after Saudi Arabia Attack

RIYADH: Oil prices surged more than 15 percent on Sunday after an attack on Saudi Arabia’s oil facilities on Saturday that knocked out more than 5 percent of global oil supply.

Brent crude futures jumped more than 11 percent to a session high of $72 a barrel at the opening, while US crude futures surged more than 11 percent to a session high of $61 a barrel.

In a statement on Sunday, State oil giant Saudi Aramco said the strikes had reduced crude oil production by 5.7m barrels a day – about half the kingdom’s output.

The prices of petrol and diesel in Pakistan are also likely to be following recent attacks.

On the other hand, US President Donald Trump announced that he has authorized the release of oil from the Strategic Petroleum Reserve following the recent drone attacks on Saudi oil facilities.

“Based on the attack on Saudi Arabia which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount sufficient to keep the markets well-supplied,” Trump said in a tweet on Sunday.