Following the drone attacks at the weekend in Saudi Arabia on their largest oil processing plants, oil prices initially surged 20% at the start of trading on Monday with the Brent Crude benchmark seeing its biggest jump in about 30 years.
It now appears that market disruption and the direct impact of the attacks will not be as bad as feared and this has been reinforced by prices softening since the initial aftermath of the attacks. Since the peak on Monday, the price of Brent Crude has softened by around 7% and is currently trading at $64 a barrel. Oil price is one of many drivers that affect gas and power prices so any significant swings can have a substantial impact on the price of energy.
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