Middle East tensions push up oil prices | WHAT REALLY HAPPENED

Middle East tensions push up oil prices

Tensions in the Middle East appear to be pushing up the price of oil, with a barrel of Brent crude now costing $71.75, an increase of 1.9 per cent. The cost of a barrel of US crude, meanwhile, is now $62.48, up 2.6 per cent.

The increases came after Saudi Arabia’s Energy Minister, Khaled Al-Falih, announced that a terrorist attack targeted two installations on Tuesday morning which pump oil through a pipeline from oil fields in the Kingdom’s Eastern Province to Yanbu Port on the west coast. The official added that Saudi Aramco will assess the damage and repair the plants. He stressed that Saudi oil production and exports will continue without interruption.

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