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Brent cracks $70 for first time since pandemic began after Saudi facilities attacked

Published 03/08/2021, 08:39 AM
Updated 03/08/2021, 08:40 AM
© Reuters.
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* Brent May futures and WTI April contract up 2%
* Brent hits highest since Jan 2020, WTI most since Oct 2018
* Yemen's Houthis attack Saudi oil heartland with drones,
missiles

By Florence Tan
SINGAPORE, March 8 (Reuters) - Brent crude futures jumped
above $70 a barrel on Monday for the first time since the
COVID-19 pandemic began, while U.S. crude touched its highest in
more than two years, following reports of attacks on Saudi
Arabian oil facilities.
Brent crude futures LCOc1 for May reached $71.16 a barrel
in early Asian trade and were at $70.76 a barrel by 0036 GMT, up
$1.40, or 2%. U.S. West Texas Intermediate (WTI) crude CLc1
for April rose $1.32, or 2%, to $67.41. The front-month WTI
price touched $67.86 a barrel earlier, the highest since October
2018.
"Oil prices have spiked higher this morning after
Iran-backed Houthi rebels unleashed a coordinated attack on
Saudi Arabia oil facilities and military bases," Stephen Innes,
chief global markets strategist at Axi said in a note.
Yemen's Houthi forces fired drones and missiles at the heart
of Saudi Arabia's oil industry on Sunday, including a Saudi
Aramco facility at Ras Tanura vital to petroleum exports, in
what Riyadh called a failed assault on global energy
security. Brent and WTI prices are up for the fourth consecutive
session after OPEC and their allies decided to keep production
cuts largely unchanged in April. Despite fast-rising crude prices, Saudi Arabia's oil
minister has voiced doubts on demand recovery. Still, the energy minister in the world's third-largest
crude importer, India, said higher prices could threaten the
consumption led-recovery in some countries.

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