Brent crude prices shot up late Sunday following Saturday's attack on Saudi Arabian oil facilities. November Brent crude was last up more than $7 a barrel, or 12%, to $67.41, after initially spiking as much as 18%. The attacks shut down about half of Saudi oil production, and while the kingdom said that it expects to have aboutone-third of that back online by Monday, experts said it could take weeks to get back to full capacity. Prominent crude-oil strategist Phil Flynn at Price Futures Group told MarketWatch earlier on Sunday that the drone strike was a "big deal" that could result in a major spike in crude-oil prices, because of the potential disruption to global supplies.
Read the full story:
Crude prices soar, U.S. stock futures slip after attacks on Saudi oil facilities