The global benchmark for crude - Brent - is solidifying its position above $60 per barrel and hitting new two-year highs amid turmoil in major oil producer Saudi Arabia.
The country reportedly intercepted a missile fired from Yemen and at least 11 Saudi Arabian princes along with a number of senior officials and businessman were arrested in an anti-corruption crackdown.
So why does Saudi Arabia matter to oil prices? According to the Statistical Review of World Energy 2017 published by BP (BP.), Saudi Arabia came in level with the US with a 13.4% share of global oil production.
And the Saudis are pretty much the only ones with material spare capacity.
It has crude oil reserves which can be brought on stream and ramped up in a matter of weeks or months.
According to the US Energy Information Administration, Saudi Arabia has typically kept 1.5m to 2m barrels per day of spare capacity.
However, there have long been doubts over exactly how much oil Saudi Arabia has left, with speculation the true number could be as much as 40% below the official figure of 268bn barrels of proved reserves.
A planned stock market listing of state oil firm Saudi Aramco next year could shine some light on the true state of Saudi Arabia’s reserves but has been thrown into some doubt by the current turmoil.
