Brent Jumps to $98 Following Aramco Pipeline Attack
Brent crude oil prices jumped to $98 a barrel immediately after confirmation of a drone attack on an Aramco pipeline, marking the largest daily surge since early 2024.
The price of benchmark Brent crude jumped to $98 a barrel during Monday's trading session immediately after news leaked of a drone attack on a Saudi Aramco pipeline, according to oil market data.
The price recorded a sharp rise of over $6 within hours, marking the largest daily surge for Brent since early 2024, reflecting how sensitive markets are to any disruption in Gulf supplies.
Trading sources reported that automated buy orders poured in immediately after the incident was announced, as Brent remains the main global benchmark for crude oil and a key driver of fuel prices in Asian and European markets.
Analysts at the International Center for Energy Research indicated that a shutdown lasting more than 48 hours could push prices toward the $103 threshold, while the trajectory depends on how quickly Aramco restores its full operational capacity.
What do these terms mean?
Brent Crude: The main international benchmark for pricing crude oil. It is extracted from the North Sea and used to price most oil transactions globally.
Spot Price: The price of oil for immediate delivery in the market, unlike futures contracts which set a price for a future date.
Weekly Newsletter
Read between the lines before everyone else. Decode the most important economic, tech, and decision-maker movements in the region.. in 5 minutes every Saturday.
