Drone attack on Saudi Arabia is a ‘turning point’ for world fuel supplies
The drone attacks on a refinery and an oil field in Saudi Arabia disrupted the supply of some 5.7million barrels per day, or 5 per cent of global supply, with experts warning that petrol prices could rise by up to 24 cents per gallon in the US and four pence per litre in the UK as a result.
But there are fears that Monday’s price increases are only the tip of the iceberg as security analysts said using drones to penetrate security around the world’s largest refinery marks a ‘turning point’ for the security of the world’s fuel supply.
The jump in Brent crude – up to $66 per barrel – marked its biggest intra-day percentage gain since Iraq invaded Kuwait in 1991, sparking the Gulf War.
The 5.7 million barrels a day outage is the worst single disruption in oil market
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