Oil prices surge after attack on Saudi oil facilities

Crude oil prices are rising after attacks against Saudi Arabian oil facilities over the weekend.

Yemen’s Iran-aligned Houthi group said it attacked two oil plants in Saudi Arabia on Saturday, knocking out more than half the latter’s oil output.

Brent crude surged as much as 18 percent at one point on Sunday, while crude-oil strategist Phil Flynn at Price Futures Group saying that the attack was a “big deal”.

“We could be dealing with a significant game-changer for oil markets over the short to medium term as security levels continue to flash red,” said Stephen Innes, Asia-Pacific market strategist for AxiTrader.