Saudi Oil Facilities Hit by Drone Attack, Brent Crude Prices Soar
A drone attack on Saudi oil facilities has sent shockwaves through global markets, pushing prices of Brent crude to their highest level in nearly seven years. On September 14, a coordinated attack by Yemen's Houthi rebels targeted two major oil processing facilities at the Abqaiq and Khurais plants.
The incident resulted in an estimated loss of around 5 million barrels per day of Saudi Arabia's oil production capacity, which is approximately half of its global output. The price of Brent crude surged to $71.88 per barrel following the attack, marking a significant increase from its previous level of $60.40.
The impact on global markets was immediate, with prices for other commodities such as gold and US dollar also fluctuating in response to the news. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, stated that production would be back to normal within a few weeks but warned that it may take longer due to the extent of the damage.