The international price of oil soars after the attack in Saudi Arabia



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The United States has accused the attacks on Iran, but the Iranian government has ruled these accusations ridiculous after the Huthi rebels in Yemen claimed responsibility for the attacks. The Argentine government on Monday expressed its "solidarity" with the Kingdom of Saudi Arabia and was "strongly condemned".

On the first trading day following the attacks, the price of oil soared and the Brent North Sea oil barrel, a benchmark crude in Europe, rose in November 9.52% compared to Friday and reached $ 65.97 at the Intercontinental Exchange (ICE) in London.

For its part, the barrel of "light sweet crude" (WTI) for the October contract gained 8.71% to $ 59.63 in the New York Mercantile Exchange (Nymex).

At the opening of the market, the barrel had exploded in London by 20%, the largest increase in one session since the Gulf War in 1991.

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"The attack has canceled nearly half of Saudi production, or 5% of global production, highlighting the vulnerability of this infrastructure to drone attacks," said Craig Erlam, an badyst at Oanda.

The Saudi authorities announced that there were no casualties but did not specify how long it would take them to completely restore production in these facilities.

Oil prices have remained relatively low in recent months because of the abundance of reserves and fears of a slowdown in the global economy on demand. The Organization of the Petroleum Exporting Countries (OPEC) had even set production limits in an attempt to maintain price levels.

But these attacks highlight the country's vulnerability to "greater global production capacity," says Amarpreet Singh, an badyst at Barclays, and adds a geopolitical risk premium to prices.

Saudi Arabia halves oil and gas production after attacks on oil facilities. That's what flames looked like in one of the major oil factories after drone attacks

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Brent is going and we do not know before when

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