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Crude oil surged to the highest in almost eight months in New York and petrol jumped after Saudi Arabian authorities said they had arrested more than 170 people suspected of plotting to attack the country's oil fields.
"The reaction to the Saudi Arabian headlines was very muted at first but once it became clear how big a bullet we dodged, the market took off," said Peter Beutel, president of Cameron Hanover, a Connecticut energy consultant.
"There's no telling how high prices would have gone if this plot had succeeded."
Crude oil for June delivery surged US$1.40 to US$66.46 a barrel. It was the highest close since September 7.
