Oil prices rise

May 15, 2019

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LONDON: Oil prices rose on Tuesday after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco.

Brent crude futures were at $71.02 a barrel at 1335 GMT, up 79 cents or 1.12 per cent. US West Texas Intermediate (WTI) crude futures were at $61.68 per barrel, up 64 cents or 1.05pc.

Saudi Energy Minister Khalid al-Falih said Aramco had halted pumping on the East-West pipeline until the damage was evaluated, but that production and exports were continuing without disruption.

“These attacks prove again that it is important for us to face terrorist entities, including the Houthi militias in Yemen that are backed by Iran,” Falih said.

Published in Dawn, May 15th, 2019