# Oil price rises above $70 after attacks on Saudi oil facilities

> Oil briefly rose above $70 a barrel for the first time in 14 months on March 7 after Saudi Arabia reported drone and missile attacks on its energy facilities, including Ras Tanura. Saudi officials said no injuries or production losses occurred, but the rally faded as investors weighed the attack.

- Date: 2021-03-07 · published 2021-03-07T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/48297-oil-price-rises-above-70-after-attacks-on-saudi-oil-facilities
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Attacks on the largest exporter raise supply risk premiums, supporting crude and biofuel-linked vegetable oil values even though no output was lost.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-03-25 | [Oil rises to over $120/bbl after attack on Saudi facilities \| Reuters](https://feedsoft.ai/events/9151-oil-rises-to-over-120-bbl-after-attack-on-saudi-facilities-reuters.md) | -11.4% | -12.8% |
| BRENT | 2019-09-16 | [Attack On Saudi Oil Facilities Makes Oil Prices Spike : NPR](https://feedsoft.ai/events/6929-attack-on-saudi-oil-facilities-makes-oil-prices-spike-npr.md) | +6.6% | -0.3% |
| BRENT | 2019-09-16 | [Oil jumps nearly 15% in record trading after attack on Saudi facilities](https://feedsoft.ai/events/5704-oil-jumps-nearly-15-in-record-trading-after-attack-on-saudi-facilities.md) | +6.6% | -0.3% |
| BRENT | 2019-09-16 | [Diesel Fuel Prices Surge Following Drone Attack on Saudi Arabian Oil Facilities](https://feedsoft.ai/events/5987-diesel-fuel-prices-surge-following-drone-attack-on-saudi-arabian-oil-facilities.md) | +6.6% | -0.3% |
| BRENT | 2024-03-18 | [Oil prices inch higher amid attacks on Russian energy facilities \| Reuters](https://feedsoft.ai/events/31372-oil-prices-inch-higher-amid-attacks-on-russian-energy-facilities-reuters.md) | -0.3% | +6.0% |
| WTI | 2022-03-25 | [Oil rises to over $120/bbl after attack on Saudi facilities \| Reuters](https://feedsoft.ai/events/9151-oil-rises-to-over-120-bbl-after-attack-on-saudi-facilities-reuters.md) | -11.6% | -9.7% |
| WTI | 2019-09-16 | [Attack On Saudi Oil Facilities Makes Oil Prices Spike : NPR](https://feedsoft.ai/events/6929-attack-on-saudi-oil-facilities-makes-oil-prices-spike-npr.md) | +5.8% | -0.1% |
| WTI | 2019-09-16 | [Oil jumps nearly 15% in record trading after attack on Saudi facilities](https://feedsoft.ai/events/5704-oil-jumps-nearly-15-in-record-trading-after-attack-on-saudi-facilities.md) | +5.8% | -0.1% |

## Sources

- ft.com: https://www.ft.com/content/3a094943-5663-477f-96d9-13f230880b7b?syn-25a6b1a6=1

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.