HONG KONG – Brent crude oil surged more than 2% today following a missile attack on facilities owned by energy giant Aramco in Saudi Arabia, and on optimism about the demand outlook as the global economy recovers.
A barrel of the black gold jumped 2.11% to US$70.82 (RM289.48), the highest since May 2019.
The strike on the Aramco facilities – including one of the world’s biggest oil ports – by Yemen’s Huthi rebels yesterday followed the bombing of the country’s capital, Sanaa, by a Saudi-led military coalition.
The rising hostilities underscore a dangerous intensification of Yemen’s conflict between the coalition-backed Yemeni government and the Iran-backed Huthis, despite a renewed United States push to end the war in the crude-rich region.
“So far, there have been no reports of significant damage or oil supply chain disruptions, but this is an evolving story that will keep oil traders on their toes,” said Axi’s Stephen Innes. – AFP, March 8, 2021
