The US West Texas Intermediate futures edged up by 15.5% to $63.34. Credit: WORKSITE Ltd. on Unsplash.

Oil prices have increased after more than 5% of global supply was closed following terrorist attacks with projectiles on Saudi Arabian Oil facilities.

Brent crude futures increased by as much as 19.5% to $71.95 per barrel, while the US West Texas Intermediate (WTI) futures edged up by 15.5% to $63.34, Reuters reported.

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The attacks on Saudi Aramco’s oil facilities located in Abqaiq and Khurais resulted in production suspension of 5.7 million barrels of crude oil a day. The company is yet to disclose the details pertaining to the resumption of complete production at the oil facilities.

Frame Funds Sydney managing director Hue Frame was quoted by Reuters as saying: “We think the attacks would be a wake up call for investors, who have failed to price in risk within the price of crude.

“Although global supply will contract in the near term, the US has the ability to supply this contraction.”

Frame added that countries such as India, China and Indonesia, which are major importers of Saudi crude, will be the most vulnerable to the disruption.

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US President Donald Trump approved the release of oil from the US Strategic Petroleum Reserve (SPR) if needed in a bid to ensure a stable supply. Furthermore, Trump said that the US was “locked and loaded” for a potential response to the terrorist attack on oil facilities of Saudi Aramco.

Meanwhile, South Korea said it would consider releasing oil from its strategic oil reserves in case circumstances around crude oil imports worsen following the attacks.