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Oil prices surge after attack on Saudi oil site

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BANGKOK – Oil prices pressed higher Monday after strikes on major oil facilities in Saudi Arabia, the world’s largest oil exporter, shook energy markets already rattled by a decision by oil producers last week to not lift output.

Brent crude, the international standard, surpassed $70 per barrel for the first time in over a year, gaining $1.14 to $70.47 a barrel.

It surged $2.62 on Friday. Benchmark U.S. crude oil added $1.10 to $67.19 per barrel, up 1.7%, falling back from bigger gains earlier in the day.

It jumped $2.26 to $66.09 per barrel on Friday. Prices have been recovering in the past few months after plunging last year with the onset of the pandemic.

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