Oil prices could remain elevated and volatile for some time, according to experts following the attacks on oil facilities in Saudi Arabia wiping out 5% of global supply.
The price of Brent crude soared as high as 20% on Monday (16 September) – trading at over $68 per barrel – in the aftermath of the attacks.
Oil prices have continued to rise on the back of market fears that Saudi Arabia will take longer than the announced timeframe to restore production back to normal. However, this is having little effect on energy prices. Although the markets have remained volatile, they are moving downwards and levelling out. We are seeing reductions on prices from last week.
For now it is business as usual. Our procurement team will continue to monitor the markets and advise accordingly.
To speak to a member of the team, get in touch:
Call: 01252 560 379