Oil prices see a record spike after attacks on two Saudi facilities slashed the output of the world's top oil producer by half
General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018.
Brent futures surged $12 in the first few minutes of business – the most in dollar terms since they were launched in 1988 and representing a jump of nearly 20 percent – while WTI jumped more than $8, or 15 percent.The attack by Tehran-backed Houthi rebels in neighbouring Yemen, where a Saudi-led coalition is bogged down in a five-year war, hit two sites owned by state-run giant Aramco and effectively shut down six percent of the global oil supply.
Tehran denies the accusations but the news revived fears of a conflict in the tinderbox Middle East after a series of attacks on oil tankers earlier this year that were also blamed on Iran.
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