May 14, 2019, 11:43 PM
News Code: 83314808
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Oil prices jump after attack on Saudi facilities

Tehran, May 14 IRNA -- Oil prices rose nearly 2% on Tuesday after top exporter Saudi Arabia said explosive-laden drones launched by Yemen had attacked facilities belonging to state oil company Aramco.

Brent futures were up $1.13, or 1.6%, at $71.36 a barrel by 11:26 a.m. EDT (1526 GMT), while U.S. West Texas Intermediate crude was up 85 cents, or 1.4%, at $61.89 per barrel, Reuters reported.

Saudi Energy Minister Khalid al-Falih said Aramco had halted pumping on the East-West pipeline until the damage was evaluated, but that production and exports were continuing without disruption.

Saudi Arabia said earlier that two of its oil tankers were among those attacked off the coast of the United Arab Emirates on Sunday, incidents which ratcheted up tensions in the world’s top oil-exporting region.

The Organization of the Petroleum Exporting Countries said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals, including US shale producers slows, pointing to a tighter market if the exporter group refrains from raising output.

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