The drone attacks on the world's largest oil processing facility in Saudi Arabia and a major oil field on Saturday have disrupted global oil supply and sent prices soaring. In the initial reaction to the news, ICE front-month Brent rallied nearly 20 per cent to $71.95 a barrel on Monday, S&P Global Platts reported. That's the biggest single day gain in percentage terms in 28 years. Although prices retreated somewhat to a little over the $66 level, it's still way above Friday's close, when benchmark Brent Crude traded at $60.52 a barrel.
Given that India is the world's third largest oil importer - we import over 80 per cent of our oil requirements - such a hike will inflate the import bill and disrupt the country's fiscal position. Here's a detailed look at the attack on Saudi Aramco's facility and the repercussions for India:
![Prof K Nageshwar: Saudi oil Crisis [HD] (Video)](https://secure.gravatar.com/avatar/a529f8b3731b5abf1f9994aa34434368?s=100&d=mm&r=g "Prof K Nageshwar: Saudi oil Crisis [HD] (Video)"){kind=avatar}
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The drone attacks on the world's largest oil processing facility in Saudi Arabia and a major oil field on Saturday have disrupted global oil supply and sent prices soaring. In the initial reaction to the news, ICE front-month Brent rallied nearly 20 per cent to $71.95 a barrel on Monday, S&P Global Platts reported. That's the biggest single day gain in percentage terms in 28 years. Although prices retreated somewhat to a little over the $66 level, it's still way above Friday's close, when benchmark Brent Crude traded at $60.52 a barrel. Given that India is the world's third largest oil importer - we import over 80 per cent of our oil requirements - such a hike will inflate the import bill and disrupt the country's fiscal position. Here's a detailed look at the attack on Saudi Aramco's facility and the repercussions for India: