The attack on Saudi Arabian oil infrastructure over the weekend has shut down around 6m barrels per day of output, equivalent to around 60% of Saudi Arabia’s total output and 6% of total crude oil output worldwide.
Brent prices jumped at the open today, the biggest intra-day surge since trading began in 1988.
Singapore’s Eastport Research & Strategy warned today that the immediate losers in shipping from the attacks could be owners who have invested in scrubbers.