Crude Oil Jumps 9% After Saudi’s Ras Tanura Shutdown
Crude futures jumped nearly 9% after a drone strike shut Saudi Aramco’s Ras Tanura refinery. On the Multi Commodity Exchange, prices touched record highs. Rising Middle East tensions and disruptions in the Strait of Hormuz pushed Brent crude and U.S. benchmarks higher, fuelling supply concerns and fears of further volatility in global energy markets.