Offshore Drilling Stocks Surge After Saudi Oil Facility Attack: Here's What You Need to Know
Shares of most of the world's biggest offshore drillers are rocketing higher today following attacks over the weekend on Saudi Aramco's Abqaiq oil processing facility, which immediately impacted a massive 5% of global oil flows and sent crude oil prices gushing higher. As of 12:28 p.m. EDT, both Brent and West Texas Intermediate crude oil benchmarks were up 12%. That is a massive gain for oil prices in a single trading day, demonstrating how enormous the potential implications could be for global oil markets.
Image source: Getty Images.
Investors looking to profit from energy have moved quickly. Higher oil prices have shares of Valaris (NYSE: VAL), Transocean (NYSE: RIG), and Diamond Offshore (NYSE: RIG) are up 16.2%, 11%, and 10.7%, while Seadrill (NYSE: SDRL) shares are up 5.7%. In pre-market trading, they were all well above 10%, with shares of Valaris surging as much as 25% before the official open.
Source Fool.com
