WTI US benchmark oil futures closed Monday at $ 62.5 a barrel, close to the highest level of the day’s and of last four months’. The intraday rise was the most significant since the Iraq war and occurred as a result of similar events.
Drone attacks affected an Abqaiq oil processing unit and nearby Khurais on Saturday, causing a loss of 5.7 million barrels of oil a day, respectively 50% of Saudi kingdom’s oil production. The attack was claimed by the Houthi group in Yemen, supported by Iran, and resulted in the withdrawal of about 5% of the world’s daily production.
Brent oil futures, a benchmark on the European market, increased by $ 12 a barrel on the London market at the opening of the Monday trading session, and closed the session to $ 68 a barrel. The trading session on Tuesday opened at about $ 67.45 per barrel.