Yemen's Houthi rebels on Saturday took responsibility for the attacks on the Saudi Aramco oil facilities in Khurais and Abqaiq -- the world's largest oil processing facility and crude oil stabilization plant.
"The events in Saudi Arabia have ratcheted up tensions in the Middle East to a new level raising concerns about supply security," Chris Midgley, global head of analytics at S&P Global Platts said in a statement."The sudden change in geopolitical risk" could cause crude prices to jump between $5 and $10 a barrel, Midgley said.
Other analysts expect a smaller oil market rally in the short term."A small $2-$3 per barrel premium would emerge if the damage appears to be an issue that can be resolved quickly, and $10 if the damage to Aramco's facilities is significant," Ayham Kamal of the Eurasia Group said in a research note.
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