Global oil prices surge after Saudi Arabia drone attacks SUBSCRIBE: https://youtu.be/xsXMP6qQv-w : Drone attacks on Saturday on Saudi Arabia’s oil facilities have sparked a sharp jump in global oil prices.
Oil futures opened 19 percent higher, jumping as much as $11.73 a barrel to $71.95, the highest single-day increase since futures trading began in 1988.
Riyadh is racing to restore its oil production which has been slashed in half after drones targeted the heart of its energy industry.
President Donald Trump has authorised the release of oil from the Strategic Petroleum Reserve to keep the markets well-supplied.
Al Jazeera’s Economics Editor Abid Ali explains.
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