Over the weekend oil production was damaged and taken offline as a result of missile and drone attacks. It is initially feared that up to half of total Saudi Arabian oil production has been taken down. This would represent up to 5% of total world oil production and has caused a spike in oil prices.
As a result, this has caused the share prices of many oil companies to go up sharply. Whiting Petroleum stock traded up around $11.85 per share during the day. This is compared with a previous closing price on 9-13-2019 of $7.54 per share. Oasis Petroleum was seen up around $4.87 per share for a brief period of time during the day. This is compared to its previous closing price of $3.72 per share.
If Saudi Arabia has problems bringing production back to normal levels, many people think this could cause oil prices to rise and hurt demand. Hopefully, oil production will rebound and get back to normal as soon as possible.