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From the AP:

Crude-oil futures soared nearly $2 a barrel Friday after a Saudi official reported an explosion at a major oil refinery in eastern Saudi Arabia.

Light, sweet crude for April delivery rose $1.97 to $62.51 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. Brent crude futures for April initially jumped $1.96 to $62.50 on London's ICE Futures exchange.

Nymex gasoline advanced more than 3 cents to $1.550 a gallon, while heating oil gained 4 cents to $1.7066 a gallon. Natural gas futures fell 12 cents to $7.335 per 1,000 cubic feet.

The pan-Arab satellite channel Al-Arabiya TV reported the authorities foiled an attempt to bomb the refinery with two vehicles packed with explosives. The channel did not give a source for the report.

Earlier Al-Arabiya quoted its reporter in the kingdom as saying shots and an explosion were heard, and they may have been part of an attempt to attack the refinery.

The oil official, who spoke on condition of anonymity, said he did not know the cause of the explosion.

Posted by edelfenbein at February 24, 2006 9:23 AM