Oil jumps the most ever after attack cuts Saudi supplies

Brent crude surged the most on record after a drone strike on a Saudi Arabian oil facility removed about 5% of global supplies.

The benchmark oil futures jumped as much as $11.73/bbl to $71.95 as the market opened Monday in Asia, the biggest advance in dollar-terms since futures started trading in 1988. For oil markets, it’s the single worst sudden disruption ever, surpassing the loss of Kuwaiti and Iraqi petroleum supply in August 1990, when Saddam Hussein invaded his neighbor. It also exceeds the loss of Iranian oil output in 1979 during the Islamic Revolution, according to data from the U.S. Department of Energy.

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