Oil prices rise as Saudis halt production

Saudi Arabia's threat of reducing oil supplies by 50 percent following drone strikes on two oil fields, the price of crude oil began the week with a 10 percent increase.

After the drone attacks on two oil facilities of Saudi Arabia's national oil company, Saudi Aramco, Riyadh temporarily halted oil production, then reduced the world's oil supply by about 5 percent while the price of oil per barrel started the week with a 10 percent increase.

Brent oil futures in London jumped $12 in seconds at an extraordinary start Monday, marking the biggest intraday increase in dollar terms since it began trading in 1988.

The extent of the damage caused by the attack will be effective in determining long-term oil prices, according to experts.

Oil prices could rise to as high as $100 per barrel if Saudi Arabia fails to compensate for the loss of production soon.

Riyadh has temporarily halted oil production due to drone attacks on 2 oil facilities owned by Aramco. (ILKHA)

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