Oil prices rallied gapped higher an astonishing 12% at market open, after around 5% of global oil supply was removed following a drone strike on a Saudi Arabian oil facility over the weekend. Oil stocks also surged and safe-haven demand for gold saw the yellow metal trade back above $1500 in early Asia. Houthi, an Iranian-backed rebel group has claimed responsibility for the attack, which has caused an ‘unknown’ amount of damage according to some reports. With it being too soon to estimate when the facility will be up and running, the supply disruption is likely to support oil prices for the foreseeable future. ... (full story)