Brent Crude Surges Above $107 as Saudi Attacks Escalate

Oil prices surged nearly three percent on Monday after a series of attacks on Saudi Arabian energy infrastructure and ships in the Strait of Hormuz. The price of Brent crude futures rose $2.93 to $107.54 per barrel, while WTI futures gained $2.88 to $102.93 per barrel.

The latest escalation comes as Saudi Arabia's East-West oil pipeline was temporarily shut down following a drone attack. According to Saudi officials, the shutdown threatens up to four percent of global oil supply.

Industry sources also revealed that the port of Yanbu on the Red Sea has only enough inventory to cover five to seven days of exports. Meanwhile, Iran claimed one person was killed and four crew members wounded in a projectile attack on an Iranian commercial vessel.