Brent crude oil price jumps past $70 for first time since pandemic began after Saudi facilities attacked

Brent crude futures surged above $70 a barrel on Monday for the first time since the Covid-19 pandemic began, while US crude touched its highest in more than two years, following reports of attacks on Saudi Arabian facilities.

Brent crude futures surged above $70 a barrel on Monday for the first time since the Covid-19 pandemic began, while US crude touched its highest in more than two years, following reports of attacks on Saudi Arabian facilities. Brent crude futures for May hit $71.38 a barrel in early Asian trade, the highest since January 8, 2020, and were at $71.11 a barrel by 0255 GMT, up $1.75, or 2.5 per cent. US West Texas Intermediate (WTI) crude for April rose $1.60, or 2.4%, to $67.69. The front-month WTI price touched $67.98 a barrel earlier, the highest since October 2018.