EMEA News
Brent Crude Heads for 22-Month High After Ras Tanura Terminal Attack
Monday March 8, 2021
Brent crude futures are heading for their highest close in almost two years after an attack on one of the world's largest oil ports.
A petroleum tank farm at Saudi Arabia's Ras Tanura port was hit by a drone attack on Sunday, news agency Reuters cited the country's Energy Ministry as saying. A residential area owned by oil producer Saudi Aramco was also hit by shrapnel.
No injuries or damage to facilities have yet been reported.
Brent futures for May delivery traded at $70.57/bl as of 7:29 AM in London, heading for the highest close since May 2019.
Oil prices have also been driven higher over the past week by OPEC unexpectedly agreeing to maintain crude production limits at their current level.
