Media reports say oil prices saw a record surge on September 16 after attacks on two Saudi Arabia’s oil facilities owned by Saudi Arabia's state-owned company Aramco, which is the world's biggest oil producer, generating 10% of the world's oil. Aramco is also one of the world's most profitable businesses.
Oil prices reportedly retreated on Monday after hitting their highest since May at the open, on fears over supply disruptions following an attack on Saudi Arabia’s oil facilities on Saturday that cut more than 5% of global oil supply, according to Euronews.
The BBC says oil prices surged by nearly 20%. Brent crude, the international benchmark used by oil traders, reportedly jumped to US$71.95 a barrel at one point.
US oil prices also spiked, but both trimmed gains as President Donald Trump authorized the release of US reserves.
The strike has sparked fears of increased risk to energy supplies in the region.
The price of Brent crude is currently up about 9% at US$65.76 a barrel, while West Texas Intermediate is 8.5% higher at US$59.54 after rising as much as 15% earlier.
However, prices remain below Brent's 12-month high of US$86.29 a barrel seen last October, when West Texas Intermediate also climbed to more than US$76 a barrel.
