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Oil prices jump as Saudi energy minister reports drone 'terrorism' against pipeline infrastructure

2019-05-15 09:13:53       source:CNBC

May 14, 2019

DUBAI — 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 Saudi state news agency SPA, describing attacks on two oil pumping stations near Riyadh for the country’s East-West pipeline carried out with bomb-laden drones.

Brent crude futures were up 1.7% at $71.39 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled at $61.86 per barrel, up 1.2%.

The fire has since been contained, according to the SPA. Al-Falih asserted that oil production was not interrupted. State oil company Saudi Aramco said that its oil and gas supplies to Europe have not been affected, and that no one was injured.

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