Brent rises to two-year high after Saudi Arabia purge

Brent oil price has hit its highest level since July 2015 after Saudi Arabia’s crown prince increased his power in the kingdom by launching an anti-corruption purge over the weekend.

Analysts said the uncertainty generated by the future king’s actions were behind the price of international benchmark Brent jumping to more than $62 a barrel, compared with around $50 in the first half of the year, the Guardian reported.

“The price rise is a reaction to the uncertainty from Saudi Arabia,” the chief executive of wealth management company Sun Global Investments, Mihir Kapadi, said.

OPEC is to consider prolonging the production cuts at a meeting in Vienna at the end of November.