The massive 20%-spike in oil prices following the Abqaiq-Khurais attacks on Saudi Arabia’s oil production facilities has since completely evaporated. Brent crude peaked at $71.95 per barrel when markets reopened on Monday, September 16, but prices have now plummeted to $59.15 a barrel – 4% lower than before the attack. Global economic slowdown turned out to be a stronger factor than Iranian missiles and drones.
Severe oil market fluctuations like these are why certain fossil fuel-dependent countries are hedging bets, and accelerating their push to diversify away from hydrocarbon-based economies towards renewable energy generation.
