Oil sees biggest jump in nearly 11 years after Saudi attack

Should the US be concerned about lack of global oil supply?

Refinitiv Oil Market Analyst Carl Larry on whether the U.S. should be worried about the lack of global oil supply in wake of the Saudi Aramco oil field attacks.

Updated at 2:50PM ET

Oil prices on Monday saw their largest gain in more than a decade, following an attack over the weekend on major production infrastructure in Saudi Arabia.

West Texas intermediate crude prices settled at $62.90 – a more than 14 percent jump. Prices saw their largest gain since Dec. 2008 and their highest settle since May 21.

Over the weekend, drone attacks on the heart of Saudi oil production sparked huge fires that halted Aramco production operations.

The attacks were the latest in a string of drone attacks on Saudi Arabia’s oil facilities.

President Trump on Sunday said the U.S. is “locked and loaded” to respond to the attacks, which the administration has said “means several things.”

Depsite Monday’s spike, some experts are saying there’s no need to panic.

“So far, quite frankly, I would say the increase in oil prices is not going to be a game-changer for the U.S. economy,” Nancy Lazar, founder of Cornerstone Macro, told FOX Business' Maria Bartiromo on Monday. “You need to see something up well over $100 [a barrel] for a sustained period of time, based on what I went and looked back yesterday, to really push the economy into a recession.”

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FOX Business’ Charles Brady contributed to this story.