Saudi attacks raise spectre of oil at US$100 a barrel

A production facility at Saudi Aramco’s Shaybah oilfield in Saudi Arabia. — Reuters

LONDON: The oil market will rally by $5-10 per barrel when it opens on Monday and may spike to as high as $100 per barrel if Saudi Arabia fails to quickly resume oil supply lost after attacks over the weekend, traders and analysts said.

Attacks on two plants at the heart of the kingdom's oil industry on Saturday knocked out more than half of Saudi crude output, or 5% of global supply.