Oil prices leap as attack on Saudi facility disrupts output

Oil prices leap as attack on Saudi facility disrupts output:

Oil prices surged Monday after an attack on Saudi Arabia’s largest oil processing plant halted output of more than 5.7 million barrels of crude a day. Yemen’s Iran-backed Houthi rebels claimed responsibility for the attack on the Saudi Aramco facility that paralyzed production of more than half of Saudi Arabia’s global daily exports and more than 5% of the world’s daily crude oil production. “To take Saudi oil production down 50%, that’s shocking,” said Jonathan Aronson, a research analyst at Cornerstone Macro.

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