Crude oil futures continued their price surge during the mid-morning trade in Asia March 8, as a drone attack on a Saudi oil shipping port ignited fears over disruptions in global oil supply, and a confluence of bullish political and economic developments provided further tailwind to the market. At 10:22 am Singapore time (0222 GMT), the ICE Brent May contract was up by $1.89/b (2.72%) from the March 5 settle to $71.25/b, while the April NYMEX light sweet crude contract was up by $1.76/b (2.66%) to $67.85/b. The last time the front-month ICE Brent contract was seen trading above $70/b was on Jan. 8 2020, with the last settlement above $70/b on May 28, 2019, when it settled at $70.11/b. The rapid rise in prices this morning came as Saudi Arabia’s energy […]