Oil price rise reaction: 'Likely to remain volatile'

Uncertainty around restoration of Saudi production levels

The oil price could remain “elevated” and “volatile” for some time, according to commentators, following the attacks on oil facilities in Saudi Arabia which wiped out 5% of global supply.

The price of Brent crude soared as high as 20% yesterday (16 September) in the aftermath of the attacks, which were carried out on facilities owned by energy producer Saudi Aramco on the 14 September.  In a statement, the company said: "Saudi Aramco emergency crews contained fires at its plants in Abqaiq and Khurais, as a result of terrorist attacks with projectiles. These attacks resulted in production suspension of 5.7 million barrels of crude oil per day." Ian Forrest, investment research analyst at The Share Centre, said Brent crude was trading at over $68 a barrel in early tradin...