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Global crude oil prices jumped above $70 a barrel on Monday after Iran-backed Houthi rebels unleashed a missile and drone attack at the heart of Saudi Arabia’s oil industry on Sunday.
According to the reports, Yemen’s Houthi forces fired drones and missiles at Ras Tanura, the world’s largest crude oil exporting facility vital to petroleum exports, in what Riyadh called a failed assault on global energy security.
Consequently, the Brent crude futures jumped above $70 a barrel on Monday. Brent crude rose as much as 2.9% to $71.37 a barrel on Monday, rising to the highest since January 2020.
According to a Reuters report, Asian stocks also rose after the US Senate approved a $1.9 trillion stimulus bill while positive economic data from the United States and China bode well. Meanwhile, US West Texas Intermediate (WTI) crude rose $1.60 hitting $67.69. for the month of April.
The report quoted the ING analysts stating that “We could see further upside in the market in the near-term, particularly as the market probably now needs to be pricing in some sort of risk premium, with these attacks picking up in frequency.”
It may be noted that Brent crude futures touched $71.38 a barrel for the May month. It was the highest since January 8, 2020
In India, the prices of petrol in some cities have crossed the Rs 100 per litre-mark. This has led to public outcry against the high prices and the inflationary impact of the auto fuels.
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