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  • Writer's pictureScott Pederson

Drone attack on Saudi Arabia

Saudi Arabia’s national oil company expects to restore roughly a third of crude output disrupted in a weekend attack by day’s end Monday, Saudi officials said, but the strikes will likely leave the country short of full production capacity for weeks. U.S. oil futures advanced about 12% to $61.60 a barrel shortly after trading opened at 6 p.m. ET. Brent crude, the global gauge of oil prices, soared 13% to nearly $69 a barrel. If those moves held, they would mark some of the biggest intraday for crude in years. The Secretary of State of the U.S. has blamed Iran for the attack. At the minimum this does increase uncertainty in the middle east. #oil #oilprices #output #droneattack #saudiarabia

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