Saudi Arabia's Energy Minister Khalid al-Falih attends a press conference at the end of the 13th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non- OPEC countries in Baku on March 18, 2019.
Mladen ANTONOV | AFP
Oil prices rose sharply Tuesday morning on reports of a drone attack at oil pumping stations in Saudi Arabia.
The incident is an "act of terrorism," Saudi Energy Minister Khalid al-Falih said according to the state new agency SPA, describing attacks on two oil pumping stations for the country's East-West pipeline carried out with bomb-laden drones.
U.S. West Texas Intermediate (WTI) crude futures were at $61.54 per barrel at midday London time, up 0.8% for the session. Brent crude futures were at $71.07 a barrel, up 1.2%.
The fire has since been contained, according to the State Press Agency (SPA). Al-Falih asserted that oil production was not interrupted, and state oil company Saudi Aramco said that its oil and gas supplies to Europe have not been affected.
"This act of terrorism and sabotage in addition to recent acts in the Arabian Gulf do not only target the Kingdom but also the security of world oil supplies and the global economy," the SPA described al-Falih as saying.
Saudi Arabia's main stock index, the Tadawul, was down 1.4% at 2 p.m. Riyadh time.
The exchange, which joined the MSCI emerging markets index this year as part of the country's economic diversification agenda, dropped 2.7% on Monday on government reports that two Saudi oil tankers were among vessels targeted in an unspecified "sabotage attack" off the United Arab Emirates coast of Fujeirah.
This is a breaking news story, please check back later for more.
https://www.cnbc.com/2019/05/14/oil-jumps-as-saudi-energy-minister-reports-drone-terrorism-against-pipeline.html
2019-05-14 10:57:03Z
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