Brent Crude Oil Futures $/barrelOil Leaps To Highest Level Since Mid-2008 -- Financial Times
Oil leapt to the highest level since the market peak of mid-2008 in a frenzy of buying that followed a disputed report of a pipeline blast in Saudi Arabia.
The report, swiftly denied by a Saudi official, was posted on web sites including PressTV, an English-language news channel based in Tehran. Iran is the Saudi kingdom’s main rival in the Middle East oil market, and stands to lose market share as western sanctions increase over its nuclear programme.
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More News On The Price Of Oil Increasing On Reports Of A Saudi Oil Pipeline Explosion
Oil price jumps to 43-month high on Saudi blast reports -- BBC
Oil Advances Above $110 on Report of Saudi Pipeline Explosion -- Bloomberg
Oil highest since 2008 on Saudi pipeline report -- Reuters
OIL FUTURES: Crude Jumps On Report Of Saudi Pipeline Explosion -- Wall Street journal
Oil jumps on Saudi pipeline explosion reports -- Sydney Morning Herald
My Comment: If a rumored pipeline blast in Saudi Arabia caused this much of a jump in world oil prices .... you can just imagine what a shooting war and the closure of the Strait Of Hormuz would have on the price.