Crude Oil Spikes Above $70 Per Barrel For The First Time In 14 Months

Oil prices surged above $70 a barrel for the first time since the pandemic began after Saudi Arabia, the world’s top oil exporter, said its energy facilities had been attacked on Sunday, targeting “the security and stability” of global supplies.

Brent crude futures for May hit $71.38 a barrel in early Asian trade, the highest since Jan. 8, 2020, and were at $70.56 a barrel by 08:30 WAT, up by $1.20, or 1.7 percent. U.S. West Texas Intermediate (WTI) crude for April rose $1.08, or 1.6 percent, to $67.17. The front-month WTI price touched $67.98 a barrel earlier, the highest since October 2018.

READ MORE: Oil Prices Soar Above $65 To New Highest In 13 Months

A drone attack from the sea on a petroleum storage tank at Ras Tanura, one of the largest oil shipping ports in the world, took place on Sunday morning, the kingdom said. In the evening, shrapnel from a ballistic missile fell in Dhahran, where state oil company Saudi Aramco has its headquarters and close to the residence of thousands of employees and their families.

Saudi Arabia's ministry of energy claims however that the attacks did not result in the loss of life or property.