Brent jumps above $70 for first time since pandemic struck as Saudi refineries come under attack - Panorama Insurance Brokers

Brent jumps above $70 for first time since pandemic struck as Saudi refineries come under attack

(Reuters) – Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities.

Brent crude futures LCOc1 for May reached $71.16 a barrel in early Asian trade and were at $70.76 a barrel by 0036 GMT, up $1.40, or 2%. U.S. West Texas Intermediate (WTI) crude CLc1 for April rose $1.32, or 2%, to $67.41. The front-month WTI price touched $67.86 a barrel earlier, the highest since October 2018.

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