Here’s a sample of the reaction to this morning’s oil price move.

Markets.com’s Neil Wilson said:

This is a big escalation in terms of the scale and reach of these attacks so raises prospect of ongoing disruption and raises the geopolitical danger. It’s going to add a massive risk premium to crude prices, so it will likely materially drive prices higher for a while. The big uncertainties right now for crude are 1) the extent of the outage, 2) how does this escalate, and 3) could there be more attacks of this kind. What is certain is the genie is out of the bottle in terms of risk premium.

The implications of these attacks are far-reaching and lasting, going well beyond the immediate disruption to albeit a very large portion of global output. It is a material escalation in the risks to supply and, in short, traders now worry that Saudi Arabian oil production can be swiftly and easily knocked out, which goes against everything we’ve come to expect for the last 50 years. Saudi Arabia is supposed to be the reliable lynchpin, able to ramp production at will. It indicates ongoing destabilization to global energy markets and will raise very real concerns about the Aramco IPO.