The past year has proved a wild ride for the oil industry, with the price of “black gold” briefly dipping into negative territory, before rebounding to pre-pandemic levels.
Oil is continuing to reinforce its reputation as the most volatile commodity, with its price briefly climbing above $US70 a barrel in trading on Monday after Saudi Arabia, the world’s biggest oil exporter, said its oil facilities were attacked on Sunday.
Brent crude, the international oil benchmark, traded as high as $US71.38, the highest level since January 2020, in the wake of Sunday’s drone and ballistic missile attacks.
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Jill Margo was a senior writer at The Australian Financial Review.
