Oil surged above $64 a barrel to its highest level in two years yesterday after Saudi Arabia’s crackdown on dozens of princes and business tycoons raised concerns over stability and policymaking in the world’s largest crude exporter.
The sharp move in Brent crude, the international benchmark, came shortly after Saudi officials warned that they had found “widespread corruption” among suspects detained in the weekend sweep and threatened to freeze assets of those being held.
Brent hit a high of $64.23 a barrel, taking gains since June to more than 40 per cent, in a move that is likely to be closely watched by central banks already monitoring rising inflation. US benchmark West Texas Intermediate hit $57.41 a barrel, its highest in two years.
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