Attacks targeting Saudi Aramco hit hard on global markets, specifically oil market

Lea Fayad Author: Lea Fayad
Breaking Headlines
2019-09-16 | 14:16
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Attacks targeting Saudi Aramco hit hard on global markets, specifically oil market
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Attacks targeting Saudi Aramco hit hard on global markets, specifically oil market

An attack on Saudi Arabia on Saturday night, which knocked out more than half of Saudi Arabia's oil production and damaged the world's biggest crude processing plant, triggered the biggest jump in oil prices in almost 30 years.

 

Oil prices surged by as much as 19% before coming off their peaks. The intraday jump was the biggest since the 1990-91 Gulf crisis over Iraq's invasion of Kuwait.

 

The market eased from its peak after Trump announced that he would release US emergency supplies and producers said there were enough stocks stored up worldwide to make up for the shortfall. Prices were around 12% higher by 1645 GMT.

 

 

For more details, watch the full report in the video above

 

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Saudi Arabia

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