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Tuesday, May 14, 2019

Energy security

Oil Prices Rise as Saudi Energy Minister Reports Drone Attack on Pipeline

FILE - In this June 23, 2018 file photo, Saudi Energy Minister Khalid al-Falih attends a news conference in Vienna, Austria. Saudi Arabia said on Thursday, Aug. 23, 2018 that it remains committed to an initial public offering of the state-run oil behemoth Saudi Aramco despite delays and growing speculation it may never be listed. (AP Photo/Ronald Zak, File)
Oil prices jumped Tuesday morning on reports of a drone attack on oil pumping stations in Saudi Arabia, with the kingdom regarding the incident as a terrorist act.
The incident is an “act of terrorism,” Saudi Energy Minister Khalid al-Falih said, according to the Saudi state news agency SPA, when describing the attacks on two oil pumping stations near Riyadh carried out with bomb-laden drones.
Brent crude futures were up 1.7% at $71.39 a barrel. US West Texas Intermediate (WTI) crude futures settled at $61.86 per barrel, up 1.2%.
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