By Jeffrey Halley
Oil futures leapt this morning by over 15% in a knee-jerk reaction to the attack on the Saudi Arabia Abqaiq oil facility over the weekend that notionally, took 5% of the world's supply offline. Brent futures spiked by 20% and WTI futures by 15% despite U.S. President Trump authorising releases from the Strategic Petroleum Reserve just before markets opened.
Saudi Aramco (ARMCO) has reduced the fallout somewhat by announcing today that over half of the 5 million barrels of production lost will be restored by tomorrow. The balance, however, will be offline