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SINGAPORE: Brent crude futures surged above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. 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 Jan. 8, 2020, and were at $70.96 a barrel by 0611 GMT, up $1.60, or 2.3%. U.S. West Texas Intermediate (WTI) crude for April rose $1.47, or 2.2%, to $67.56. The front-month WTI price touched $67.98 a barrel earlier, the highest since October 2018. Asian stocks also rose after the U.S. Senate approved a $1.9 trillion stimulus bill while positive economic data from the United States and China bode well for a global economic rebound. Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global ... » Learn More about Brent jumps past US$70 after Saudi facilities attacked

SANAA: Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security. Announcing the attacks, the Houthis, who have been battling a Saudi-led coalition for six years, also said they attacked military targets in the Saudi cities of Dammam, Asir and Jazan. The Saudi energy ministry said an oil storage yard at Ras Tanura, the site of an oil refinery and the world's biggest offshore oil loading facility, was attacked with a drone coming from the sea. The defence ministry said the armed drone was intercepted and destroyed prior to reaching its target. Shrapnel from a ballistic missile fell near a residential compound in Dhahran used by state-controlled Saudi Aramco, the world's biggest oil company, the ministry said, adding that neither attack resulted in casualties or loss of property. "Such acts of ... » Learn More about Yemen’s Houthis attack Saudi oil heartland with drones, missiles

DUBAI (Reuters) - The United States said on Monday it is committed to defending Saudi Arabia following drone and missile strikes claimed by Yemen's Iran-aligned Houthi movement, including on a Saudi facility vital to oil exports. Saudi authorities said there were no casualties or property losses from Sunday's attacks targeting an oil storage yard at Ras Tanura, site of a refinery and the world's biggest offshore oil loading facility, and a residential compound in Dhahran used by state-controlled oil giant Saudi Aramco. [L1N2L502H] The attacks, which drove Brent crude prices above $70 a barrel to their highest since January 2020, come at a time of friction in the decades-old alliance between Saudi Arabia and the United States as President Joe Biden puts pressure on Riyadh over its human rights record and the ruinous Yemen war. "The heinous Houthi assaults on civilians and vital infrastructure demonstrate lack of respect for human life and disregard for peace efforts," the U.S. ... » Learn More about U.S. commits to Saudi defence after Houthi attacks on oil heartland

Brent crude futures for May hit $71.38 a barrel in early Asian trade, the highest since Jan. 8, 2020, and were at $70.56 a barrel by 0730 GMT, up $1.20, or 1.7%. US West Texas Intermediate (WTI) crude for April rose $1.08, or 1.6%, to $67.17. The front-month WTI price touched $67.98 a barrel earlier, the highest since October 2018. Asian stocks also rose after the US Senate approved a US$1.9 trillion stimulus bill while positive economic data from the United States and China bode well for a global economic rebound. Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security. "We could see further upside in the market in the near-term, particularly as the market probably now needs to be pricing in some sort of risk premium, with these attacks picking up in frequency," ING analysts said in a report, ... » Learn More about Brent hops past US$70 for first time since pandemic began after Saudi attack

KUALA LUMPUR: The systematic roll-out of the National COVID-19 Immunisation Programme and the country’s economic recovery plan that embeds strict adherence to standard operating procedures (SOPs) will be the key to drive Malaysia back on its track, making it stronger by end-2021, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said. He said based on the current data, the country’s gross domestic growth has slowly shown signs of recovery since the movement control order (MCO) 1.0 in March 2020. "We have many reasons to believe that the worst is behind us. I am certain that Malaysia will emerge stronger by the end of the year,” he told Bernama. Tengku Zafrul said the economic sectors that were allowed to operate based on strict SOPs covers 93 per cent of the economy during MCO 2.0 and this has resulted to an output loss of RM300 million per day compared with the RM2.4 billion per day during MCO 1.0. He also said the four economic stimulus packages totalling RM305 billion, or ... » Learn More about Tengku Zafrul: Worst is behind us, Malaysia will emerge stronger by year-end

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