Oil prices rose as much as 20 per cent to above $71 a barrel — the biggest percentage spike in almost three decades — as markets reopened after an attack on Saudi Arabia’s oil infrastructure that cut more than half of the country’s production.
The rally, which followed news that Saudi Arabia’s oil production is expected to be well below maximum capacity for an extended period, set oil on course for one of its biggest one-day gains as traders worried over the extent of the disruption.
Three people briefed on the latest damage assessments said on Monday that the kingdom’s oil production could take months to return to full capacity, potentially thwarting efforts to calm the market.
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