Oil Prices Skyrocket! | Why & What Does It Mean For The Stock Market!

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Oil prices spiked Monday after a devastating attack on Saudi Arabian oil production over the weekend shocked markets and could disrupt the global supply of crude for some time.

US oil futures jumped 14.7%, settling at $62.90 a barrel. It was the biggest spike since January 2009. Futures of Brent crude, the global benchmark, settled up 14.6% at $69.02 a barrel.
Gasoline futures, meanwhile, were up more than 13%, which isn't boding well for American drivers.
Prices initially surged as much as 18% but retreated after US President Donald Trump said on Sunday night that he had authorized the use of oil from the country's emergency oil supply. Trump said oil from the Strategic Petroleum Reserve, or SPR, would be used "to keep the markets well-supplied." The US reserve is the largest backup pool of oil.

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