Brent spikes over $70 for first time since start of pandemic, Saudi facilities attacked

Brent crude futures rose above $70 per barrel on Monday for the first time since the onset of the coronavirus pandemic. The U.S. crude hit its strongest level in over two years after Saudi Arabian facilities were reported to be attacked.

Brent crude futures for May contract rose to $71.38 per barrel in early Asain session, its highest since Jan. 8, 2020, when it was at $71.11

U.S. West Texas Intermediate crude for April delivery gained 2.4%, or $1.60, at $67.69. The front-month WTI price hit $67.98 per barrel earlier, its highest since October 2018. 

The U.S. Senate passed a $1.9 trillion coronavirus package, while upbeat economic data from China and the United States boosted hopes for a global economic recovery.

Yemen’s Houthi forces fired missiles and drones at Saudi Arabia’s oil industry on Sunday. Riyadh says the failed assault is a matter of global energy security.

Brent and WTI prices rose for the fourth straight session after OPEC and its allies chose to carry out production cuts through April.