Global oil prices surged the most on record after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the US has blamed on Iran.
In an extraordinary start to trading, London’s Brent futures jumped almost $12 a barrel in the seconds after the open on Monday, the biggest intraday advance in dollar terms since they were launched in 1988. On the New York Mercantile Exchange, West Texas Intermediate contracts were frozen for about two minutes after the scale of the move delayed the market open.