The attacks on key oil facilities in Saudi Arabia have disrupted about half of the kingdom's oil capacity, or 5% of the daily global oil supply.
That means 5.7 million barrels a day of crude oil and gas production have been affected, according to Saudi Energy Minister Prince Abdulaziz bin Salman.
Now oil prices are trading at their highest levels since May.
US oil futures were trading at more than $61 a barrel during Asia hours -- a spike of nearly 10%. Earlier, the price jumped as much as 15%. Futures of Brent crude, the global benchmark, traded at nearly $68 per barrel, an 11% increase.
Gasoline futures, meanwhile, were up about 9%.
"This is a big deal," said Tom Kloza, chief oil analyst for the Oil Price Information Service. "It is the biggest shock to the oil markets since [Hurricane] Katrina. And like Katrina it will likely haunt us for months, at least weeks."