Brent Crude Oil Prices Spike to $107.51 Amid Houthi Attacks

Oil prices surged more than 2% on Monday, September 14, as tensions in the Middle East escalated. The Brent crude oil futures rose by $2.90, or 2.77%, to $107.51 per barrel, while WTI American crude futures increased by $2.27, or 2.27%, to $102.32 per barrel.

The increase in quotations occurred after new attacks by Yemeni Houthis on Saudi Arabia and Iranian strikes on vessels in the Strait of Hormuz. According to Reuters, immediately after the market opened, oil prices jumped more than 3%.