A barrel of brent oil costs more than $ 70 for the first time since the outbreak of a coronavirus pandemic. This is an immediate market response to the announced drone attack on Saudi oil refineries.
Sunday’s attack on Saudi refineries and oil depots has been reported by Yemeni Hussi fighting in an armed conflict in Yemen. According to the Financial Times, there were supposed to be drone attacks on the Ras Tanura oil depot, which is one of the largest oil ports in the world. One missile was also to hit the city of Dhahran, home to the world’s largest oil company Saudi Aramco.
According to the Saudi Minister of Energy, there was no damage to human lives or health, or even property damage. The processing of oil itself was also allegedly not affected. Nevertheless, the global oil market has responded with a dramatic rise in the price of black gold, which has jumped over $ 70 a barrel. This is the highest level of brent oil prices since the outbreak of the coronavirus crisis. Texas WTI oil also rose in price, with the barrel trading at almost $ 68 on Monday night.
The result of the OPEC + group meeting, which agreed that there will be no increase in production yet, also contributed to the tensions in the global oil market.