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2019.09.1606:50:00UTC+00Oil Prices Soar Amid Heightened Geopolitical Tensions

Oil prices jumped almost 20 percent at one point in early trade on Monday, with Brent crude posting its biggest intraday gain since the Gulf War in 1991, following multiple drone attacks over the weekend on Saudi Arabia's crude oil production facilities.

U.S. President Donald Trump said the U.S. is "locked and loaded depending on verification" for a potential response to the attacks, while Yemen's Houthi rebels claimed responsibility for the attacks.

Global benchmark Brent crude jumped 8.55 percent to $65.36 per barrel, after rising nearly 20 percent earlier in the day.

U.S. West Texas Intermediate (WTI) futures jumped more than 15 percent before giving up some early gains to trade higher by 7.9 percent at $59.11 per barrel.

Oil prices gave up some early gains after reports suggested that Saudi Arabia, the world's top oil exporter, will restore today at least a third of the production lost to weekend attacks on two major oil facilities.

Prices also came off their day's highs after U.S. President Donald Trump authorized the use of his country's emergency stockpile to ensure stable supply.

The Saturday strikes on national energy giant Aramco's Abqaiq processing plant and Khurais oil field knocked 5.7 million barrels per day (bpd) off production, over half of the OPEC kingpin's output.



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