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Oil Prices Jump Most on Record After Saudi Arabia Strike

  • About 5% of worldwide crude capacity knocked out of commission
  • Shock reverberates across markets as geopolitical risks soar
Bloomberg business news
Ashley Petersen of Stratas Advisors discusses how the drone strike on a Saudi oil facility is affecting prices.(Source: Bloomberg)
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Oil surged the most on record after a devastating attack on Saudi Arabia intensified concerns about growing instability in the world’s most important crude-producing region.

In an extraordinary start to the week’s trading, Brent futures in London leaped a record $12 a barrel in early trading Monday, before settling just above $69 for the biggest one-day percentage gain since the contract began trading in 1988. Prices may remain elevated after Saudi officials downplayed prospects for a rapid recovery of production capacity.