Crude oil prices climb after attack on Saudi Arabian oil facilities

CKTB-News- Oil prices

Crude oil prices have spiked on world markets following a weekend drone attack on key oil facilities in Saudi Arabia.

The attack by an Iranian backed rebel group in Yemen, caused the American benchmark West Texas crude to climb by about eight percent.

But oil industry analyst Dan McTeague tells CTV News the Canadian market is well positioned to avoid sticker shock at the pumps.

McTeague says the attack in Saudi Arabia comes just as Canadian retailers switch to a winter blend of gasoline which is much cheaper to produce and typically sells about four cents below the summer blend.

He notes any increase from the drone attack should be offset by the cheaper winter blend.

CKTB's Tim Denis will talk to McTeague this morning at 8:20.