World energy prices jumped on Monday after the weekend attack on oil refineries in Saudi Arabia led to the catastrophic disruption of global supply in history.
The benchmark price of Brent crude oil increased by almost 20% in the first minutes of trading Monday, then fell by more than 10% as you continue trading. A barrel of Brent rose $of 6.45, its price was about $ of 66.67.
This sharp increase represented the biggest jump in the cost of Brent crude oil since the Gulf war of 1991, when the U.S.-led coalition troops expelled Iraqi dictator Saddam Hussein from Kuwait.
American West Texas crude increased by about 10%. U.S. gasoline and heating oil also rose.
As a result of this attack was halted production of 5.7 million barrels of crude oil per day, representing more than half of the world’s daily exports of Saudi Arabia and more than 5% of the world’s daily production of crude oil. Most of this production goes to Asia.
The President of the United States Donald trump pointed out that oil reserves in America is more than enough to cope with any lack of posting on Twitter is short, but every word in capital letters “OIL is FULL!” He later added that the United States will help its allies in this situation.
Roger McKnight of EnPro, the company said that circumstances have the potential to deterioration, and all the “depends on how quickly the Saudis can return everything to normal, so to speak.”
As for Canada, McKnight predicts that the price at the gas station will increase by three or four cents.
However, we may finished small sacrifices, because canadian retailers have already switched to winter blend gasoline, which is cheaper to produce.