Brent drops to 2-week high on Saudi Arabia's supply fears

Brent prices jumped on Monday to a two-week high, extending gains in the fourth straight day on fears of a disruption in Saudi supplies, especially after two Saudi oil tankers were sabotaged near the UAE coast.

By 12: 40 GMT, Brent crude rose to $71.85 a barrel from the opening price of $70.69, with a high of $72.16 in two weeks and a low of $70.28.

Brent crude futures rose by 0.6% on Friday, the third consecutive daily gains.

Saudi Arabia's oil minister Khaled Al-Falih said on Monday that two Saudi oil tankers had been hit yesterday by a sabotage attack off the coast of the emirate of Fujairah in the United Arab Emirates. Al-Falih said the attack was aimed at threatening the security of international oil supplies.

He added that one of the two tankers was loading Saudi oil from the port of Ras al-Tanura, to head to the United States to supply Aramco's customers there, stressing that the attack did not result in loss of life but caused serious damage to the structure of the vessels.