Crude oil prices soared on Monday after multiple drone attacks on Saudi Arabia's two major oil refineries forced the Kingdom halting its production, cutting off a significant portion of world oil supply.
International benchmark Brent crude climbed to as high as $71.62 per barrel to hit its highest level since May 22, and was trading at $66.68 a barrel at 0545 GMT on Monday with a 10.7% increase from its Friday close.
American benchmark West Texas Intermediate jumped to as high as $63.47 a barrel at one point to reach its highest level since May 21, and it was trading at $59.88 per barrel at the same time -- an 9.2% gain from Friday.
After drone attacks on two major oil facilities of Saudi Aramco, Abqaiq and Khurais sites, newly appointed Saudi Energy Minister Prince Abdulaziz bin Salman said Sunday oil production is being temporarily halted from the facilities.
The attacks led to the interruption of 5.7 million barrels per day (mbpd) of oil supplies from the two facilities, which is equal to almost 6% of global oil supply.
World oil supply stood at 100.7 mbpd in August 2019, according to the International Energy Agency's Oil Market Report for September.
The kingdom is expected to have 2 mbpd of production back online by Monday, according to world reports.
By Ovunc Kutlu