Houthi Strikes and Strait of Hormuz Attacks Send Oil Prices Soaring

Oil prices surged more than 2 percent on Monday after a series of attacks on Saudi Arabia and the Strait of Hormuz. The Houthi rebels claimed responsibility for strikes on Saudi military targets, while Iran said one person was killed and four crew members were wounded in an attack on an Iranian vessel.

The East-West oil pipeline in Saudi Arabia was shut down by a drone strike that originated in Iraq, threatening up to 4 percent of global oil supply. The disruption has led to higher prices, with Brent crude futures rising to $107.51 per barrel and WTI futures reaching $102.32 per barrel.

Market analyst Tony Sycamore warned that unless the East-West pipeline is brought back online quickly, crude oil prices could continue to rise towards $119.48, a high reached in early March.