Oil Prices Spike to Two-Year High

Oil drum image

CBJ — There have been several major political shakeups in Saudi Arabia and the result has been a spike in international oil prices to its highest level in about two years.

Saudi Arabia’s heir to the throne has been arresting rival princes, government officials and military leaders as part of an anti-corruption probe.

Crown Prince Mohammed bin Salman ordered the rounding up of several influential other princes, including Prince Alwaleed bin Talal, one of the world’s richest men with a net worth of $18 billion. It’s all said to be part of a massive anti-corruption agenda.  In total, 11 princes, four government ministers and at least 38 former ministers were rounded up over the weekend.