Oil Prices Surge After Saudi Oil Attack

Saudi Arabian oil facilities were attacked this past weekend by unmanned drones, which delivered strikes knocking out over 5 million barrels worth. This led to a sharp 14% increase in oil prices today, marking the biggest spike in 11 years. The drone strikes decimated roughly half of the Saudi daily oil output, spurring fears from economists about the oil and petroleum industry if the facilities are down for an extended period of time. Yemen’s Houthi rebels took responsibility for the attack, but US intelligence is reporting that Iran may be the true instigator.

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