Oil prices surge as attack on Saudi facility disrupts output

Iran is trying to create an economic crisis by seizing oil tankers: Gen. Jack Keane

Fox News’ Ellison Barber and Gen. Jack Keane (Ret.) discuss how Iran claimed that they stole another oil tanker in the Strait of Hormuz.

An attack on Saudi Arabia's largest oil processing plant pushed crude prices sharply higher Monday.

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Traders are focusing on the longer-term impact as it depends on how long production is disrupted and the attack's future implications.

U.S. crude oil jumped $5.61 per barrel, or 10.2 percent, to $60.46 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, surged $7.84 per barrel, or 13 percent, to $68.06 per barrel.

The attack on the Saudi Aramco facility halted production of 5.7 million barrels of crude a day, more than half of Saudi Arabia's global daily exports.

It is also more than 5 percent of the world's daily crude oil production. Most output goes to Asia.

Yemen's Iran-backed Houthi rebels claimed responsibility for the attack.

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Officials said they would use other facilities and existing stocks to supplant the plant's production.

President Trump tweeted that the U.S. is ready to respond to a shortage.

The Wall Street Journal reported Sunday that Saudi officials said a third of crude output will be restored Monday, but bringing the entire plant back online may take weeks.

The Associated Press contributed to this article

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