Drone Strikes Halve Saudi Oil Output; Crude Prices Soars

After a wave of weekend drone attacks that instantly erased half of Saudi Arabia's oil production, oil prices were up significantly across global markets on Monday. The attack on Saudi Arabia's oil infrastructure immediately knocked out 5.7 million barrels - or nearly 6 percent of the 100 million barrels the world consumes per day.

"A supply disruption on this scale is an extraordinary event," said Pavel Molchanov, an oil analyst with Raymond James. "No single disruption on this scale has occurred in decades."

Brent crude was trading at $66.52 per barrel on oil futures markets, a 10 percent spike from Friday's close of $60.15. U.S. benchmark West Texas intermediate crude was trading around $60 per barrel, about 10 percent above where it was on Friday.

On Sunday, President Donald Trump said via Twitter that he had authorized the release of oil from the Strategic Petroleum Reserve in a to-be-determined amount. He added that he told government agencies "to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States."