The drone strikes on Saudi oil fields look certain to hit Kiwis in the pocket, after a huge spike in barrel prices on commodity markets this morning.

Crude oil prices jumped 19 per cent in initial trading on commodity markets.

Bloomberg described it as being technically the biggest spike the market has seen since futures trading began in 1998.

Whether this becomes a serious factor in local economic equations will depend on whether it was an isolated terrorist attack or the start of something more ominous.

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Right now with rumour and speculation flying, that's impossible to know.

Did Iran do

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