Saudi drone strikes: Oil price surges, but govt plays down supply concerns

No supply disruption, says Pradhan; OMCs see margin impact if situation persists

Even as oil prices soared on Monday following the drone attack at Saudi Arabia’s fuel-producing infrastructure at Abqaia and Khurais over the weekend, the Indian government said the country was insulated from any supply shortage. 

Oil prices surged the most on record on Monday, with Brent crude oil rising by as much as 19.5 per cent to $71.95 per barrel — the biggest gain in dollar terms since futures started trading in 1988. It later came down to $67.7 per barrel. US West Texas Intermediate (WTI) futures climbed 15.5 per cent to $63.34, the biggest intra-day percentage gain since June