Oil Futures Jump $2 on Thwarted Attack (on Saudi Arabian Oil Facility)

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Oil Futures Jump $2 on Thwarted Attack

Oil Futures Leap by More Than $2 a Barrel After Thwarted Attack on Saudi Arabian Oil Facility


58-year-old Macon Hawkins from Kosciusko Texas, held hostage and surrounded by militants, speaks to journalists in the Niger Delta area Friday, Feb. 24, 2006. Armed militants holding nine foreign oil workers hostage in Nigeria showed one of them to reporters for the first time Friday, a 68-year-old American who said he and his colleagues were being treated well. Three Americans, two Egyptians, two Thais, one Briton and one Filipino have been missing since they were kidnapped Feb. 18 by militants who stormed a barge belonging to a U.S. oil company in the Niger Delta's Forcados estuary. The kidnappers are demanding that people in the country's south receive a greater share of their region's oil wealth. (AP Photo/George Osodi)

By BRAD FOSS AP Business Writer

WASHINGTON Feb 24, 2006 (AP)— Crude oil futures prices jumped 4 percent Friday after a thwarted attack on a massive oil facility in Saudi Arabia rattled a market already jittery about supply disruptions in Nigeria and Iran's nuclear ambitions.

Saudi Arabia is the world's largest oil producer, with output of about 9.5 million barrels per day, or 11 percent of global consumption. The target of the attack, the Abqaiq oil complex in eastern Saudi Arabia, processes about two-thirds of the country's oil before it is exported.

Suicide bombers in explosives-packed cars attacked the heavily guarded facility but were foiled when guards opened fire, detonating the vehicles and killing the attackers, Interior Ministry spokesman Lt. Gen. Mansour al-Turki told The Associated Press. The vehicles exploded outside the first of three fences around the sprawling complex, al-Turki said.

Saudi oil minister Ali Naimi said the attack caused "a small fire" that was brought under control and that operations were not affected.

While terror attacks are not new to Saudi Arabia there were two highly publicized attacks against oil company offices and employee-compounds in the spring of 2004 analysts said Friday's action was noteworthy because of how close the perpetrators came to a facility integral to the flow of oil.


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http://abcnews.go.com/Business/wireStory?id=1659166

[Tandalayo_Scheisskopf]

1. The Oil Markets...

Need a vast application of anti-psychotics.

[WannaJumpMyScooter]

2. But dropped back down when it became clear

the attack did not disrupt the huge supply which goes through that facility.

[liberal N proud]

3. They attack the price goes up, they don't attack the price goes up

They fart the price goes up.
The wind blows the price goes up.

What makes the price go down?