Crude oil prices surged more than 10% late Sunday and U.S. stock futures retreated following weekend attacks against Saudi Arabian oil facilities.
Brent crude prices for November delivery
, the global benchmark, initially shot up 18% as trading began late Sunday, but quickly settled down to a gain of about $7, or 12%, to $67.41 a barrel.
West Texas Intermediate crude for October delivery
jumped 10%, up $5 to $60.55 a barrel.
Dow Jones Industrial Average futures
initially slid more than 100 points, or 0.4%, at the outset of Sunday trading, but stemmed losses as the trading session continued. S&P 500 futures
and Nasdaq Composite futures
Saturday’s attack on Saudi oil fields knocked out about half that country’s oil production. Saudi officials said Sunday they expect to regain about one-third of that output capacity by Monday, but experts said it may take weeks for production to return to normal levels.
Late Sunday, President Donald Trump said in a series of tweets that he has authorized the release of U.S. strategic oil reserves “if needed” to “keep the markets well-supplied.”
“PLENTY OF OIL!” Trump tweeted.
Prominent crude-oil strategist Phil Flynn at Price Futures Group told MarketWatch on Sunday that the attack was a “big deal” and could cause a major spike in oil prices because of its disruption to global supplies.
Tensions in the region rose as the U.S. blamed Iran for the attacks Sunday, while Iranian officials denied the charges.