The Latest: Oil prices spike after attack on Saudi facility

The Latest on oil prices in the wake of the attack on a Saudi Arabian oil plant (all times local):

10:30 a.m.

An attack on a critical Saudi Arabia oil plant has pushed crude prices sharply higher, though they moderated on expectations that reserves will help bridge any shortfalls in output.

By late morning in Asia on Monday, U.S. crude oil was up $4.89 per barrel, or 8.9%, to $59.73 per barrel early Monday in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, surged $6.02 per barrel, or 10%, to $66.25 per barrel.

Earlier, U.S. crude jumped more than 15% and Brent rocketed nearly 20%.

A longer, protracted rise in oil prices could hurt the global economy. The attack and potential disruptions to supplies is especially worrying for countries in Asia that rely heavily on Saudi oil supplies.

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8:00 a.m.

An attack on a critical Saudi Arabia oil plant has pushed crude prices sharply higher, though its longer-term impact depends on how long production is disrupted and what this weekend’s attack presages for the future.

U.S. crude oil jumped $5.61 per barrel, or 10.2%, to $60.46 per barrel early Monday in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, surged $7.84 per barrel, or 13%, to $68.06 per barrel.

Yemen’s Iran-backed Houthi rebels claimed responsibility for the attack on the Saudi Aramco facility, Saudi Arabia’s largest oil processing plant. It halted production of 5.7 million barrels of crude a day, more than half of Saudi Arabia’s global daily exports and more than 5% of the world’s daily crude oil production. Most output goes to Asia.