The worst sudden disruption ever

Oil prices surge on Saudi attacks, Hong Kong protests continue unabated and GM workers are striking. Here are some of the things people in markets are talking about today.

For oil markets, it’s the single worst sudden disruption ever. Brent prices spiked early Monday after a strike on a key facility cut Saudi Arabia’s production by half, pulling some 5% of world supply off the market. Saudi Aramco lost about 5.7 million barrels per day of output after several unmanned aerial vehicles on Saturday struck the world’s biggest crude-processing facility in Abqaiq and the kingdom’s second-biggest oil field in Khurais. Saudi Arabia is likely to restore almost half the oil production lost, though a full resumption may take weeks. The Trump administration is ready to deploy the nation’s emergency oil reserves and help stabilize markets if needed.