Oil Pierces Two-Year High as Saudi Roundup Rattles Markets
- Crown Prince Mohammed bin Salman consolidates hold on power
- Security forces detain royalty, ministers, billionaires
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Oil prices have climbed by $15 from their nadir this year to breach $57 a barrel on Monday, spurred by a cascade of events that began with widespread arrests among Saudi Arabia’s elite.
The arrests raise “the specter of instability in the kingdom,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, by telephone. “It’s another round of jawboning here to get this nervous market higher.”