Oil jumps most on record after attack cuts Saudi Arabian supply

Oil posted its biggest ever intraday jump to more than USD 71 a barrel after a strike on a Saudi Arabian oil facility removed about 5 percent of global supplies, an attack the US has blamed on Iran.

In an extraordinary start to trading on Monday, London’s Brent futures leapt almost USD 12 in the seconds after the open, the most in dollar terms since they were launched in 1988. Prices have since pulled back about half of that initial surge of almost 20 percent but were still heading for the biggest advance in more than three years.

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