US Might See the Price Hike in Crude Oil After Attack on Saudi Arabia’s Oil Facility
Finance

US Might See the Price Hike in Crude Oil After Attack on Saudi Arabia’s Oil Facility

US crude oil market is going to see a rise in gas prices in upcoming days because of the attack on Saudi Arabia’s oil facilities on the West Coast. This attack was carried out last Saturday and attackers shut down over 5% of global supply. This will affect the US demand for oil, as this particular facility takes care of nearly half of the demand of the US for crude oil.

Brent crude recorded their biggest intra-day percentage gain since the 1991’s Gulf War. The numbers were rose by as much as 19.5% to $71.95 per barrel. As along with shutting down the oil supply, attackers also sent oil prices surging as much as 20%.

The price of crude oil is already increased by more than 10% in Sunday trading, which will be going to affect the fuel price on fuel pumps in the US in the upcoming days.

In total, 7 million barrels of crude oil is exported from Saudi Arabia every day. 53% of which goes to the Asian market, while the rest 47% is imported to the West Coast, US. According to Patrick DeHaan, head of petroleum analysis at GasBuddy a tracking firm, West Coast is going to see the most of the impact of this price surging.

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