Brent jumps above $70, hits 2-year peak

Brent crude rose on Monday, to extend gains for the fourth straight day, and climbed above $70 a barrel for the first time since January 2020, after the Yemeni Houthi group attacked oil facilities in Saudi Arabia.

Brent crude rose 2% to the highest since January 2020 at $71.36, after opening at $69.95, and hit a day low at $68.69.

Brent crude futures rose 3.8% on Friday, in the fourth straight daily gain.

Oil prices gained 7.75% during the past week, in the second straight weekly gain, and the largest weekly gain since early February, after the OPEC-Plus decision to extend the current output cuts until April, and Saudi Arabia’s decision to maintain its voluntary cut.

The Saudi Energy Ministry stressed that some of Aramco's oil tanks, in one of the world's largest oil shipping ports, came under missile and drone attack, and a Houthi spokesman claimed responsibility for these attacks.

The ministry stated that these acts not only target Saudi Arabia, but also harms the security and stability of the global oil supply and the global economy.