Are we headed for an oil shock? Oil prices soared last night after a drone strike disrupted Saudi Arabia's oil facilities, leading to a possible disruption of the world's supply of crude. The attacks knocked out more than half of Saudi oil output, or more than 5 percent of global supply.
U.S. crude futures jumped as much as 15 percent before settling back at around an 11 percent increase. Brent crude, the benchmark used in European oil markets, rose by 18 percent before trading up about 12 percent.
Gasoline futures were also up 11 percent, according to market data source Refinitiv. That would counteract a long-term trend: The average U.S. price of regular-grade gasoline has dropped 3 cents per gallon over the past three weeks to $2.63, and is 20 cents lower than what it was in mid-July.
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