Oil Prices Rise More Than 2% on Fresh Saudi, Gulf Strikes

Oil prices climbed more than 2% on Monday as fresh Houthi strikes on Saudi Arabia and Iranian attacks on vessels in the Gulf heightened concerns over global crude supplies.

 

Brent crude futures gained $2.90, or 2.77%, to reach $107.51 per barrel by 2313 GMT, while U.S. West Texas Intermediate (WTI) rose $2.27, or 2.27%, to $102.32 per barrel. Both benchmarks had initially surged more than 3% after markets opened.

 

Supply concerns intensified following the shutdown of a key Saudi oil pipeline, with the disruption potentially affecting up to 4% of global oil supplies.

 

Market risks have also increased around major regional shipping routes. A planned meeting between Gulf countries and Iran over the Strait of Hormuz was postponed, while growing Houthi activity near Yemen's Perim Island has raised additional concerns over the Bab el-Mandeb shipping corridor.

 

The developments have added further uncertainty to global energy markets, with traders closely monitoring the risk of prolonged disruptions to crude production and transportation in the region.