(UTV|COLOMBO) – Oil prices surged after two attacks on Saudi Arabian facilities on Saturday knocked out more than 5% of global supply.
Brent crude jumped 10% to $66.28 a barrel, while West Texas Intermediate rose 8.9% to $59.75 in Asian trading.
Prices pulled back slightly after US President Donald Trump authorized the release of US reserves.
The strike, which the US blames on Iran, has sparked fears of increased risk to energy supplies in the region.
The drone attacks on plants in the heartland of Saudi Arabia’s oil industry included hitting the world’s biggest petroleum-processing facility.
It could take weeks before the facilities are fully back on line. State oil giant Saudi Aramco said the attacks cut output by 5.7 million barrels per day.
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