Why Large-Cap Oil Stocks Like ConocoPhillips Surged on Monday
By now you've heard the news: Over the weekend, Saudi Arabia's oil industry suffered crippling attacks from drones alleged by some to have been launched by Houthi fighters in Yemen -- and alleged by others to have been sponsored by Iran.
Saudi Arabia temporarily shut down about half its daily production of oil while it gets the damage repaired, instantly taking about 5% of global oil production off line.
Oil markets quickly went berserk, with WTI crude prices surging 12.8% to close just shy of $62 a barrel, and Brent crude prices jumping more than 13% to close above $68 a barrel.
Source Fool.com
