Over the weekend, a drone attack took out the largest crude oil production facility in Saudi Arabia. This attack took out 5% of the world’s daily production of crude oil, roughly 5.0 million barrels/day.
This attack and subsequent production outage caused the largest, one-day, oil price surge since 1991. As of this writing, crude oil pricing is at $60.43, up 10.17% from Friday. This is the highest crude has been since May.